- Josh Riddett, Easy Crypto Hunter CEO and tech entrepreneur, has given his thoughts on the future of cryptocurrency
- Josh anticipates that within the next 20 years Bitcoin will reach $1 Million in value and Facebook could become the world’s biggest bank
One of the leading experts in cryptocurrency and blockchain has predicted that supermarket shoppers will be paying for their weekly shop in cryptocurrency in just 5 years, Bitcoin will reach $1 million in value in the next 20 years and Facebook could become the world’s biggest bank.
Josh Riddett, CEO of Easy Crypto Hunter, the UK’s premier Cryptocurrency and Blockchain experts made the predictions following this week’s Libra Association announcements, the company behind Facebook’s new cryptocurrency.
Josh, who has been involved in cryptocurrency for more than 5 years also predicts that workers in the UK will start to be offered having their salary in cryptocurrency rather than pounds sterling.
Josh explains: “In New Zealand, salary payments are currently being offered in cryptocurrency and it won’t be long till this trend reaches the UK.”
When national supermarket chains in the UK such as Asda, coffee shops such as Starbucks and fast food outlets such as McDonald’s start accepting cryptocurrency as a form of payment, which Josh anticipates will be within the next 5-10 years, there will be a demand for salaries to paid in the form of cryptocurrency.
Josh continues: “Lamborghini, some Microsoft stores and Whole Foods, which is owned by Amazon, are already accept cryptocurrency as payment. This is just the start; we will start to see more and more companies accepting cryptocurrency over the next few years. Even today there are contactless cards that exist that will convert your cryptocurrency into sterling so that you can pay for a pint at a bar, just like you can with your bank card.”
Even though the change, that is likely to impact billions of people, is on the horizon, Josh is eager to reassure the public that there is no need to panic, it’s actually something to be excited out moving forward: “It will be a natural progression into paying via cryptocurrency, 20 years ago, paying with cheques and cash was commonplace whereas now contactless payment has taken over. In the next 10 years we will see a similar transition from payment with sterling to payment with cryptocurrency.”
Josh also states that it will have huge benefits, he predicts that there will be no need to worry about the strength the pound or exchange rates when converting currencies for your holiday in the future because cryptocurrencies will be accepted globally.
As it stands today there are 2,000 different forms of cryptographic coins, however, not all of these exist as forms of currency that can be used as payment, some are used for supply chain, insurance and medical data. Josh adds that: “In the next 10 years there will be most likely only ten forms of cryptocurrency that are used as payment, but there is a good chance that all of these coin types will be accepted as forms as payment, just at different rates.
“Bitcoin will be one of these currencies and within the next 20 years the value will most likely reach $1 million per coin. It has started to become traded more regularly as a ‘digital gold’, a trend that will continue moving forward.”
Cryptocurrency expert Josh also anticipates Governments will be looking at cryptocurrency very closely.
Josh explains: “In Venezuela, they are trying to rebuild their economy on a cryptocurrency model. In 50 years, a lot of global economies will move to an economy based on a cryptocurrency model, including a digital cryptographic payment system rather than a federal reserve banking system.
“It is something they need to be looking at following the news of Facebook’s new currency, because Libra, the new currency, has potential to be a game changer globally.
“The reason why there has been an uproar is because Governments around the world have no control over traditional cryptocurrency, however, because Facebook is a business, they can influence them and can put pressure on them.
“If the proposed currency goes ahead as planned there is a very good chance that Facebook could become the world’s biggest bank, which is a scary prospect for the current regulators.”
Josh Riddett is the CEO of Easy Crypto Hunter, the UK’s leading GPU mining experts. The mining rigs that Easy Crypto Hunter manufacturer essentially provide power to the blockchain, the underlying technology behind cryptocurrencies and in return collect cryptocurrencies as a form of payment.
Find out more at www.easycryptohunter.co.uk
Full list of predictions
- The UK’s biggest supermarket chains will accept payments for their weekly shop in cryptocurrency in just 5-10 years
- Bitcoin will reach $1 million in value in the next 20 years
- Bitcoin will be increasingly used as a ‘digital gold’ and will be traded in a similar way to gold
- Within the next 20 years, homes will be regularly purchased via cryptocurrency
- Within the next 50 years some Governments across the world will move to an economy based on a digital cryptographic payment system rather than a federal reserve banking system
- If the Libra currency proposed by Facebook goes to plan, Facebook may well become the world’s biggest bank
- 50 years from now cash in the UK won’t be used as a form of payment