Everyone is nervously waiting, and the wait continues …
We can see today how the massive stimulus packages being passed by the Government are not reaching individuals and businesses in the timely fashion they were promised. The main problem stems from the antiquated banking system we have in place.
The most likely solution in the future will be digital currency based on blockchain technology.
With that in place, there would be no need for banks to move money around the old-fashioned way.
Just as an obvious example, not only is the present system not releasing the money quickly enough, it then has to mail out the checks rather than instantaneous deposit!
Now the individual has to travel to the bank, make the deposit, and then wait for the check to clear. This adds several more days to the process. (So much for “immediate assistance!”)
With digital currency, it literally would take a click of a tab – much, much faster, more efficient, and significantly less costly.
As a recent article by TradeSmith points out, when all the central banks around the world decide to convert to this new reality, they will need to have the technological infrastructure in place to make it all work.
It will be like the interstate and highway buildout.
They have no choice; this global pandemic will force their hands. The present global system of money flow has proven itself to be inadequate.
All of this will, of course, benefit the awareness, usefulness, and adoption of Bitcoin and cryptos. With the government-funded buildout of the “Crypto-net,” Bitcoin and the other crypto assets will be able to utilize that same infrastructure.
However… just because these government digital currencies will be out there in full, mandated usage, don’t think for a second that the big picture will be any different.
The mechanism and desire for increasing their money supplies at a whim will still be the same – and even easier!
Thus, the case for Bitcoin and non-government cryptos will be even stronger:
More use cases, easier adoption, outside of any central authority, and controlled by and for the people.
This is a glimpse of the future, and it will happen sooner than most expect!
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