Ever since cryptocurrencies broke into the mainstream market, many traditional banking institutions have tried every trick in the dirty book to discredit the new digital currencies and portray them as inefficient in a normal global market. However, the recent numerous developments in the use cases for cryptos seem to suggest otherwise.
There are still some influential people who haven’t quite bought into the crypto idea. One of them is Mark Carney, the current governor of the Bank of England. According to a tweet sent out by Weiss Ratings, Mark has had some discouraging words to say about cryptocurrencies.
BoE Governor Fires Shot
According to Mark Carney, cryptocurrencies can’t be successful as valid currencies by virtue of their easy market volatility. One major quality of an effective currency is entrenched in its ability to remain relatively stable even during turbulent times.
However, it’s notable that the crypto market has had its good times of stability. Also, the huge efforts being put into the development of apps and payment solutions that improve liquidity make the volatility argument a little bit washed-down.
Some of the recent developments include the launching of Bitcoin’s Lightning Network and Ripple’s xRapid and xCurrent payment solutions. As processing speeds increase, liquidity increases. That solves the volatility issue.
PayPal Director Defends
While people like Mark Carney will obviously look to downplay the strength of cryptocurrencies because they root for the traditional banks, other visionaries like Wences Casares won’t bite into the pessimism. Wences is one of PayPal’s members of the board of directors.
Wences has been known to be openly pro-cryptos even as some crypto payment solutions seem to be in direct competition with PayPal. According to Wences, Bitcoin has more than a 50% chance of succeeding as a globally accepted currency.
Bitcoin To Be Worth $1 Million Within A Decade
Going on, Wences had an even more interesting view of cryptocurrencies, and more precisely Bitcoin. In his view, Bitcoin could be headed for a major breakthrough in the coming years. In fact, Wences estimates Bitcoin to be worth around $1 million within the next 7-10 years.