Well-known developer for Monero Riccardo Spagni, recently gave his opinion on the bear market and how the use of Bitcoin could change the way in which financial transactions will be carried out in the future.
Spagni, also known as Fluffypony, held an interview with Tech Central in which he talked about how the future of Bitcoin seems to be taking shape.
During the conversation, he commented that he thinks the altcoins are currently much more compressed compared to the Nasdaq’s recovery time. Furthermore, he added that he believes that for Bitcoin to recover back to the $ 1200 it reached in December 2013, it took more than three and a half years.
“It’s very good time and previous movements have been much faster. You know, some of them have been two months. So, you know, three and half years has been like the longest bear market that we’ve had and I think those periods will probably start to get longer and longer as you know as the thing the movement shifts,” he said
From 10 to 15 years
During the discussion, Fluffypony gave his predictions about the future of the cryptographic ecosystem and how Bitcoin and other cryptocurrencies will be adopted as a transaction method.
He also said that in a period between 10 to 15 years, they will be so integrated into the economy and will reach a much more important level that they will be used to make any kind of payments like salaries, taxes and rents and even people will be able to buy a cup of coffee with them.
“I think we’re probably like anything from 5 to 15 years from going okay Bitcoins price is relatively stable or at least doesn’t have these wild swings like a teenager throwing a tantrum. We’ll see like when we get to that, then makes a lot more sense to Bitcoin operate like a currency than it does not” he said.
Regarding the use of Bitcoin and other digital currencies as a real alternative to the fiat currency, he expressed the following:
“But as a settlement option, then I think that’s very different. So you know settlement could be I’m buying stock from overseas and importing it and I need to pay my suppliers. My suppliers don’t care that much about volatility because the volatility tends to happen over you know several day period. So if I paid them and they converted immediately from Bitcoin to the local fiat currency than what differences make Bitcoin just becomes a carrier for that settlement”
Only time will tell if Spagni’s predictions will become a reality, although each day that passes the inclusion of digital currencies in the global financial ecosystem increases.