GLOBAL PERSPECTIVES

The Future of Cryptocurrencies

MIN READAug 21, 2019 | 19:28 GMT

Cryptocurrencies such as bitcoin, visually represented in this photo illustration, hold tremendous potential as an alternative over traditional banking, but they deeply concern many governments.

(CHESNOT/Getty Images)

More than 10 years since the first bitcoin transaction in January 2009, and almost two years since a speculative spike pushed the price per bitcoin to almost $20,000, cryptocurrencies are moving beyond cypherpunks and anti-government culture into the world of governments and traditional institutions. The transition is impossible to ignore. While some governments, central banks and financial companies see cryptocurrencies as a threat, others want to harness the advantages they offer. And some governments see cryptocurrencies as a way to save their own struggling economies. To understand whether nonsovereign currencies can serve as a default currency and what threat they pose to governments or how beneficial they might become, it's useful to examine some of the most interesting geopolitical and corporate use cases available....

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