Will Bitcoin live up to the hype?
Saira Latif, Associate Professor and Chair, Finance Department:
In 20 years, all currencies will be cryptocurrencies. In the long run, however, Bitcoin will not be the global currency, as the powerful central banks of the world enter this arena with their own versions that carry most of the conveniences of Bitcoin with the added security of sovereign backing. The technology is here to stay.
The Bitcoin phenomenon will play out the same way dot-com and property bubbles did. Many people will get very rich very fast. Others will keep crying ‘bubble’ and keep getting proven wrong by their friends and colleagues with constant updates on the recent successes of their acquaintances using Bitcoins,” she says. “And then, one day, it will all come crashing down when people least expect it. Ordinary folks who had gone all out and invested their limited savings in Bitcoins will be the ones hit hardest by the collapse.