Cryptocurrencies maturing beyond the speculative quick buck
Now that major United States retailers like Bed Bath & Beyond and Barnes & Noble have started accepting cryptocurrencies as payment, a New Zealand investment firm says it’s time to view the
virtual currency as a long-term investment rather than a speculative quick buck.
Scott Lester of Crossgate Capital – New Zealand’s first regulated share offer in a company investing in bitcoin and
other cryptocurrencies – says there is a switch from ‘what is the price?’ to ‘what is the real-world benefits of using
cryptocurrencies?’.
“Everyday usability, or the ability to seamlessly transact day-to-day, is the next evolution in cryptocurrencies. This
advancement is already underway. Samsung’s inclusion of a crypto wallet, in their flagship Galaxy S10, is a significant
development because it makes it easier for people to use cryptocurrency.”
The International Monetary Fund (IMF) official Twitter account recently ran a poll, asking; ‘How do you think you will
be paying for lunch in 5 years?’ Twitter polls aren’t scientific, but there were more than 37,000 respondents and
‘Cryptocurrency’ got the highest number of votes, followed by ‘Mobile Phone’, ‘Bank Card’ and ‘Cash’. This will require
the infrastructure to be further developed to enable a cost effective, secure and reliable payment solution which can
handle day to day transactions.
At this stage in the life cycle of cryptocurrencies, it would be premature for the practical usage of cryptocurrencies
on a mass scale. There needs to be further advancements in the build stage to bridge this gap. Whilst this work
continues, other real-world benefits of cryptocurrencies are being worked through.
The use of cryptocurrencies is not just a method of payment. Other developments signalling a purpose for using
cryptocurrencies includes the likes of Jaguar Land Rover. The car maker recently reported that they are considering
rewarding their drivers with cryptocurrency for sharing their driving data, such as information on road conditions or
areas of heavy traffic.
The tangible benefit is to reduce emissions by reducing congestion.
Crossgate Capital’s role is to provide an easy, convenient and non-technical path to cryptocurrency investment. Their
approach is to invest in cryptocurrencies which they consider have a reason for ‘being’ – an underlying demand to
support their value.
Crossgate Capital takes care of the multiple complexities of investing in cryptocurrencies to provide an easy way to
invest in bitcoin and other cryptocurrencies.
For more information visit www.crossgatecapital.co.nz
Ends.