At the time when cryptocurrencies were in a bull run, some argued that they could replace or at least provide an alternative to fiat currencies in the future. Fiat currencies are government-issued currencies that have the backing of the sovereign; cryptocurrencies, on the other hand, are decentralized digital coins or assets that are held together through the blockchain technology.
The debate came to the fore when El Salvador adopted Bitcoin as legal tender. “Most financial professionals expect digital assets will replace government-issued currencies within a decade, or at least present a solid alternative to them,” said a Business Insider report published in August 2021, quoting a Deloitte survey.
That debate may now be going in another direction, with prices of cryptocurrencies falling and confidence in cryptocurrencies eroding rapidly. On June 10, El Salvador was down about $38.1 million on its Bitcoin investment, so that experiment also seems to be on shaky grounds. So, what do...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...