IMF has said that the fast rise of the crypto ecosystem brings new possibilities.
Ukraine has finally legalized its cryptocurrency industry.
Raoul Pal, a former Goldman Sachs hedge fund manager and current CEO of Real Vision, said in a podcast that the global cryptocurrency market valuation might expand by 100 times by the end of this decade. If the current adoption patterns for cryptocurrency networks continue on their present trajectory, the sum, according to Pal, could rise to about $250 trillion from $2-2.1 trillion.
When compared to gold and stocks, market analysts anticipate that cryptocurrency use will grow rapidly over the next 10 years and that the asset class will provide greater returns.
Rapid Rise of Crypto Ecosystem
The International Monetary Fund (IMF) has said that the fast rise of the crypto ecosystem brings new possibilities and warns that digital currency assets constitute a threat to financial stability. Several prominent figures, like Elon Musk and Mark Zuckerberg, have said that digital currencies are better suited for a more multipolar world since they are not under the jurisdiction of any one country.
However, at the moment, the two most powerful contending nations, particularly the United States and China, are not attempting to democratize the monetary system but instead are trying to consolidate their own dominance over it. Recently Binance CEO Changpeng Zhao has tweeted about many countries intending to adopt crypto.
As a result of digital currency contributions totaling more than $63 million, Ukraine has finally legalized its cryptocurrency industry, enabling exchanges to operate freely and requiring banks to issue accounts for cryptocurrency enterprises. With this step, the growth of digital or virtual currencies is more legitimized, and it raises important issues about their role in geopolitical affairs.