World Economic Forum: 4 factors driving the global adoption of cryptocurrencies

 

On September 7th, the World Economic Forum recently released a report stating that four major factors have driven the wave of global adoption of cryptocurrencies. The first is that central bank policies, hyperinflation and macroeconomic instability have led to the fluctuation and depreciation of legal tenders relative to other global currencies. Secondly, the remittance cost of traditional payment systems is too high, 6.8% globally, and nearly 9% in sub-Saharan Africa. This may be the reason for the increase in P2P cryptocurrency transfers. The third is the invention and rapid expansion of stable currencies, which can be used as frictionless trading media between cryptocurrency and legal currency. The fourth is the different applications provided by various digital assets, coupled with the industry's efforts to become more environmentally friendly and consume less energy, prompting people to turn to the encrypted market. In addition, the report also believes that cryptocurrency will not promote illegal financial activities, and can provide an opportunity to create a more transparent economic system. Illegal activities are significantly less than traditional financial systems, accounting for only 0.34% of all cryptocurrency transactions



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