- The interest in cryptocurrency has also boomed in 2020 owing to the pandemic
- The article also points out a declining trend that government payments to individuals and businesses alike are contributing to a dip in the value of the dollar.
- The best performing asset of the last decade was not Amazon, Apple, Microsoft, real estate investment trusts (REIT), or real estate—it was Bitcoin.
In one of her recent pieces, Catherine Coley, CEO of Binance (USA) shares that in 2016, she knew little about the cryptocurrency industry, while today she leads one of the top digital asset marketplaces. With this journey, Catherine considers herself an example that anyone can learn about cryptocurrency. The interest in cryptocurrency has also boomed in 2020 owing to the pandemic, she observes.
A decline in dollar value
The Bloomberg Dollar Spot Index fell as much as 0.6% last week, dropping for a fifth straight session and bringing its 2020 decline around 1.7%. The CEO of Binance USA also points out a declining trend that government payments to individuals and businesses alike are contributing to a dip in the value of the dollar. Moving on, large banking institutions like JPMorgan Chase are condoning and even welcoming digital currencies (the JPM coin for example) onto their platforms. Goldman Sachs too is currently working on launching a stable coin similar to that of JP Morgan. The gap between the market’s steady growth and the nation’s unemployment rate is also becoming prominent to commoners.
As Americans continue to receive public financial assistance and businesses utilise Payroll Protection Program (PPP) loans, dollar value too, is witnessing a dip. While most things we took for granted have halted, two things have stayed the same: the Internet and the exchange of money, observes Catherine.
The best performing asset of the last decade was not Amazon, Apple, Microsoft, real estate investment trusts (REIT), or real estate—it was Bitcoin, highlights Catherine. Keeping up with the rising crypto fever, fintech giant PayPal announced joining the crypto bandwagon by offering direct sales of cryptocurrencies to its 325 million users in June.
Perhaps all these factors have created a preference to participate in an alternative financial system where people can have more control over their wealth, she feels. Today, any smartphone user can access their digital assets without having to wait for banks to complete lengthy procedures. Cryptocurrencies are decentralized and comprise an open ledger to notate payments, which in turn generates an opportunity for a level of transparency which is non-existent in government assistance programs.
According to the Binance (USA) CEO, new personalities entering the crypto world, for example Paul Tudor Jones to William Shatner to Olympian Christie Rampone, are also stimulating conversations about whether our financial systems are helping or hurting us all. Cryptocurrencies such as Bitcoin were built to be decentralized and without one governing body, and passionate contributors across the globe are working constantly to improve access to digital assets. She expects that soon there will be more who would come forward to boost credibility of digital assets, as their benefits and relevance come to the fore.
Future of digital assets
Catherine opines that whether or not you’ve heard of Bitcoin, ‘it’s a word and a concept that is not going anywhere’. There is a reason why the most prestigious university endowments, such as those affiliated with Harvard, Stanford and MIT, all invest in crypto funds, she points.
Her final words for sceptics? If for no other reason than curiosity, investigate Bitcoin and digital assets and see for yourself why it has created a buzz across the world. Cryptocurrency has already proved that it will keep us going while we are locked in our homes—a sure-fire sign that it is the future.