In the past we have witnessed the fluctuation in cryptocurrency price, ransomware
hackers paid off in bitcoin, and growing concern over the environmental impact of cryptocurrency mining. However, people’s interest in cryptocurrencies has skyrocketed this year withstanding all criticisms and overcoming doubts about the future role of bitcoin and other cryptocurrencies within the global monetary system.
The first quarter of 2021 was indeed a breakthrough for cryptocurrencies, as bitcoin the most popular currency reached it’s all time high and the world turned its gaze towards cryptocurrencies. With various institutions picking up interest in crypto currency and in some cases investing in crypto assets.
The Future Role Of bitcoin In The Financial Market
The need for transparent, secure, and accessible financial systems is said to be mounting and becoming more obvious. This is believed to be caused by the current
centralized financial system’s continued failure to provide financial freedom and credibility to users. Many see decentralized finance as a system that can offer more transparency and better transactional security and replace some conventional financial processes soon.
However the adoption of cryptocurrency is fast on the rise and cryptocurrencies are penetrating the world’s traditional financial systems. Both private and public sectors
are warming up to the idea of adopting cryptocurrency in their financial dealings such as making payments, value storage, and as an investment and as the technology develops, more sectors acknowledge and accept cryptocurrencies bitcoin could become the new conventional financial system in the future.