Powered by momentummedia
nestegg logo
nestegg logo

Invest

Blockchain tipped to ‘irreversibly’ shake up global payments system

  • February 02 2022
  • Share

Invest

Blockchain tipped to ‘irreversibly’ shake up global payments system

By Maja Garaca Djurdjevic
February 02 2022

Bitcoin and other cryptocurrencies are reaching the point of critical mass, an expert has said.

Blockchain

Blockchain tipped to ‘irreversibly’ shake up global payments system

author image
  • February 02 2022
  • Share

Bitcoin and other cryptocurrencies are reaching the point of critical mass, an expert has said.

Blockchain

Governments around the world are realising that digital is the investable future of money, Nigel Green of deVere Group has said.

Mr Green believes that amid a flurry of global financial innovation, blockchain is set to “irreversibly” shake up the global payments system – for the better.

“Bitcoin and other cryptocurrencies are reaching the point of critical mass, the moment at which a new way of doing things crosses a threshold and takes hold,” Mr Green said on Tuesday (1 February).

Advertisement
Advertisement

While the move towards digital transactions had been taking place for years, it has been accelerated by the pandemic.

“For this reason, and because the likes of bitcoin are out of their control, they’re in a race to launch digital currencies of their own, fully aware that digital currencies in our digital era simply make sense,” Mr Green explained.

Noting a growing demand for digital assets from government and their agencies, institutional and retail investors, Mr Green tipped that what will really drive the rise of digital payment will be harnessing the power of blockchain.

“Recent research being carried out by the Bank of Estonia, amongst others, shows that ongoing developments of the already pioneering blockchain technology will empower a payment system that’s more powerful and faster than the card payment and instant payment systems currently used globally today,” Mr Green said.

“In addition, it was found that payments made with this tech used less energy than credit card payments by a factor of 1,400.”

While admitting that it may take “five to 10 years” for blockchain to reach the ultimate maturity, Mr Green is confident that its “seismic influence will change how we pay and how we do business forever”.

Blockchain tipped to ‘irreversibly’ shake up global payments system
Blockchain
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

author image
Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.