I just don't see a change of that magnitude, even when pushed by certain powers-that-be with all the fear-mongering imaginable to occur even in the span of the next 30 years.
And hey: if I'm wrong? Ping me, and I'll Apple Pay you a tenner. 😂
‘PING’ can I have advance on that? When it happens it’s likely that I will have decided to go completely off grid living on acorns and talking to the squirrels 🐿.
From The Guardian:
“More than 23 million people in the UK used virtually no cash last year, while notes and coins will account for just 6% of payments within a decade, a report predicts.
The findings, from the banking body UK Finance, are likely to prompt concern that millions of people could be left behind as the shift to a cashless society accelerates.”
From the World Economic Forum:
“There are some fundamentals to understanding blockchain, including the notion of a distributed ledger. Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.”
Two things that should be of concern.
1. ”transactions that everyone on the network can see”
2. “that must all approve an exchange before it can be verified and recorded”
As governments transition to a cashless society the freedom of a person to conduct business with one another without a third party involved will be eliminated. Worse yet all such transactions will require approval via the third party.
Governments via the Central Banks and Reserves will take over the crypto industry eliminating such commercial cryptos as bitcoin, etc. They will say that it is for personal financial safety and for the protection of the global economy.
From the World Economic Forum:
“FTX was not a crypto failure; it was the failure of an organization defined by a lack of transparency and closely held, centralized and irresponsible power. This scenario is not unique to crypto and has happened in tech, finance and almost every industry. Unfortunately, the FTX case had outsized ramifications, with many individual investors and companies devastatingly impacted.
This inflexion point for crypto comes as our broader economic systems face headwinds and uncertainty. The crypto industry and financial sector, more broadly, must use this opportunity to take stock of our values and ensure we are advocating for a better, safer financial ecosystem without limiting innovation.”
And it opens the door to a global currency that will erode any remaining sovereignty that a nation has.
“Striking the appropriate balance between consumer protection and innovation will require close collaboration between the industry and policymakers across jurisdictions due to the borderless nature of crypto.”