VC Joyce Kim predicts that the dollar will eventually operate like Bitcoin
According to Joyce Kim who is a venture capitalist and co-founder of SparkChain, the cryptocurrencies would increase in acceptance but would not entirely replace Fiat currency like US dollar.
According to her, cryptocurrencies do not promise to replace Fiat currencies in each and every transaction.
She invests in cryptocurrency as well as blockchain-based companies and according to her, it is very important for people globally to transact in their local currencies.
She further added that currencies like US dollars would actually operate like cryptocurrencies as the blockchain technology would make them more affordable, efficient as well as faster in conducting transactions.
According to her, the transactions which are currently done in US dollars all over the world rely on older technology which needs to be upgraded.
She is also co-founded the platform Stellar. Her comments came after a recent crash in the Bitcoin prices which plans to them below $ 10,000 briefly before recovering. This is actually a 45% decline from highs which it hit just a month ago. Similarly, the other cryptocurrencies like Ethereum and ripple have also significantly declined in value. On a holistic note, the last 12 months the prices of these cryptocurrencies have increased significantly.
According to CEO of JPMorgan Chase, Jamie Dimon, the cryptocurrencies will never be a serious competition to the US dollar. Even though he believes that the technology behind cryptocurrencies that is the blockchain technology would actually provide much more efficient transactions but cryptocurrencies as a currency is not a threat to US dollar.
In addition to that, Warren Buffett, also stated earlier this week that the hype around cryptocurrencies would not have a good ending.
According to Kim however, cryptocurrencies are here to stay and even in the longer term, they would have their own applications. She believes that the trend to use Bitcoin is a savings tool as well as an investment tool is here to stay and would continue in the longer term as well.
Amidst such contradicting views on cryptocurrencies, the value of cryptocurrencies like Bitcoin as well as Ethereum has begun rising currently and it remains to be seen whether this is just a relief rally or whether the prices of these cryptocurrencies would actually continue to rise and surpass the older highs. The cryptocurrency enthusiasts however are very excited that this dip would actually be considered as a buying opportunity and the value of these cryptocurrencies would rise further to surpass the older highs and continue to provide such astronomical returns to investors.