- Larry Summers believes that the market of cryptocurrency is slowly going to reach greater heights
- The interest paid over a bond is a very significant deciding factor of the price of that particular currency
- Very soon the financial world is going to adopt the technology of digital currencies like Bitcoin
Larry Summers, the former secretary of the US Treasury, said that Bitcoin is facing dynamic fluctuations and poses a state of concern in the market. These fluctuations are a signal of its resilience. According to Summer, these fluctuations are beneficial for any company to rise in the market.
When Larry was the Digital Currency Groups senior advisor, he had announced a supporting speech favouring Bitcoin. A few years back, Larry had also mentioned that slowly many of the finance industries would start adopting the logic of Bitcoin.
WHAT’S IN HOLD FOR CRYPTOCURRENCY’S FUTURE
When Larry was asked to predict the future position of Bitcoin, he refused to mention anything about the future of the cryptocurrencies. Still, he did slightly hint that it will possibly go up the ladder with the passing time. He also mentioned some important factors that would help the companies rise, like interests earned on the various bonds.
He then included some other underlying factors like the reach of the Crypto, its user-friendliness and ease as an asset. Also depends upon the safety and the credibility of the digital currency and its company.
LARRY’S TAKE ON FUTURE OF CRYPTOCURRENCY
The former secretary also mentions that the present financial institutions are planning to invest more of their funds into this platform. It is so because everyone is aware that the crypto market will be rising higher and higher very soon.
He is quite sure that very soon, blockchain technology will change the face of finance in the world. These words of Larry Summer were taken seriously by several firms like Ripple, ETH. These companies are now planning to include more technological changes to make a mark, as Crypto will have a great future in about 30-40 years down the line.
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