If you follow cryptocurrencies you've probably noticed that recently it surpassed $100 billion! The vast majority of these gains have come in just the last few months — on April 1st the total market cap was just over $25 billion — representing a 300 percent increase in value in just over 60 days.
It is interesting to see how such currencies are changing the digital economy; and the rising interest of governments and corporates is fascinating. Few analysts credit Japanese government's move to formally recognize the cryptocurrency, giving it greater legitimacy in Asia’s richest major economy, as a reason for market optimism. In developed countries like UK, big corporates are investing in bitcoin for ransomware payments whereas in US digital currency is gradually becoming an accepted form of payment. A very recent news that intrigues me the most, is Putin's meeting with Etherium's founder! These developments make me wonder how the role of cryptocurrencies will evolve further in the future. It definitely appears to be on a type of resurgence and may promise long-term benefits.
Post my readings, I was reminded of Brian Forde, director of digital currency at MIT Media Lab’s Digital Currency Initiative, he is perhaps the closest to this dynamic industry and drew a great analogy. He said if the Internet has exponentially increased the frequency of our communication, cryptocurrencies will exponentially increase the frequency of our transactions with others...
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