Letters: Bitcoin and other irrational fears
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[Re: Half of Brits not sold on cryptocurrency, Feb 16]
British scepticism towards digital assets is unlikely to come from a place of rationality, with consumers overly-influenced by relentless coverage of cryptocurrencies as investments.
But this distracts from their original purpose as a safe, traceable, spendable tender. Therefore, attitudes towards crypto have been clouded by high volatility, creating a hot bed of suspicion from both the man on the street and regulators. But things are changing. Ian Lowe, Head of Industry Solutions, Okta, is right when he points out that in an increasingly digital world, where people demand instant movement of information and money, crypto’s intended benefits are beginning to shine through.
As we move away from volatility and see more stable coins out there, that’s when crypto will come of age. In the future people will have crypto products sitting alongside their current accounts.
Visa’s first-quarter 2022 report showed that spending on its crypto-linked Visa cards reached 70 percent of 2021’s total volume, in just three months. We’ve seen currents pushing crypto towards widespread use as a spendable currency, with a series of established payments players moving into this space. To follow on from Mr Lowe’s comments, crypto is indeed in its early days in its intended usage, but we’re seeing that change daily. With Britcoin hitting the headlines and a 2021 BIS survey finding 86 per cent of governments globally are
exploring CBDCs, you have to ask the question as to why so many are doing so.
Andrea Ramoino