Debunking the Myths of Crypto
Cryptos are a fad that will fade
We have been hearing this for many years now, but the industry is showing no signs of going away. In fact, it continues to grow exponentially, even faster than the internet did. Experts are predicting this will continue over the next 10 years to reach half of the world’s population.
It’s too late to invest
Crypto and the technology behind it called blockchain is only just getting started. The industry is growing at an exponential rate, currently standing at over 2 trillion and set to grow to over 100 trillion over the next 10 years.
Crypto is backed by nothing, unlike real money
Crypto is backed by its users and the technology supporting it, rather than central, government-controlled and government-issued currency, known as fiat currency, that isn’t backed by any commodity such as gold. Fiat currency is available to be printed without limit by governments and is backed by nothing. The US dollar was once backed by gold but was taken off the gold standard in 1971. Since then inflation has skyrocketed. The more it’s printed, the more inflation occurs, which decreases its value.
Crypto is mainly used to fund criminal enterprises
Throughout history, criminals have always been early adopters of technology. From cars and pagers to cell phones and the internet, many tools have been and can be used for good or evil. Blockchain technology is just another tool that can be used; with or without it, criminals will still find ways to do business.
Governments will ban it
By the very nature of the technology, it would be very difficult to outright ban it. Governments are beginning to recognize this, and many are moving in the direction of regulations. One country has already made it their legal tender, and several are planning to follow suit. Overall, it is extremely likely that it’s here to stay.