Patrick L Young is expert in global financial markets working in multiple disciplines, ranging from trading independently to running exchanges.
Ignore the doomsters: the cryptocurrency revolution is in rude health. Widespread adoption remains a likely outcome.
As 2015 dawns, the bureaucratic blob at the heart of many multinational business entities is feeling smug. Bitcoin, barely above $300, appears a shadow of its one-time booming self. The lure of the million-dollar bitcoin and beyond has become unthinkable as the emerging currency is still recovering from its first bubble.
Once again rumors of the death of cryptocurrency will prove unfounded. In an era where politicians and management consultants alike spout an obsession with ‘innovation,’ alas they tend to turn skeptical as soon as a genuinely new way of doing anything is staring them in the face! With so many analogue legacy stakeholders eager to continue exploiting the currency status quo, unsurprisingly the arrival of a genuinely revolutionary upheaval in money is viewed with suspicion amongst those with so much to lose. Bankers (both central and ‘commercial’), politicians and large corporations tend to regard Bitcoin as a nasty inconvenience to their self-interested pork barrel approach to prosperity.