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– TIMESTAMPS –
1:50 How crypto was mass adopted?
2:37 Coexistence of central bank coins & crypto?
7:03 Geopolitical landscape in 2050
10:11 How blockchain changed the economy?
16:31 Disruption of legal systems
17:49 Impact on government
19:32 Final thoughts
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📝 Overview 📝
Today I’m going to tell you a story about my trip to the year 2050 and give you a sneak peek of what’s in store for blockchain and cryptocurrencies.
I’m going to come clean here, I did not find a time machine in Coin Bureau HQ, however, this video does give you a glimpse into my thoughts on what may happen in the future.
❓ How Crypto Was Mass Adopted ❓
In the future there are two types of money.
► Central bank-issued digital currencies
What’s interesting is that both types of money co-exist in a parallel currency system. This works in a similar way to how the Cambodian Riel coexists with the US dollar in 2020.
Stores have two prices. A lower one for payment in crypto and a higher price for sovereign digital currencies. So, why is that?
The central bank-issued digital currencies are tracked and taxed by the government. However, cryptos are not and that means that people can use them to avoid crippling levels of taxation. That meant that store owners could accept crypto and not pay tax. Hence why they were mass adopted.
💰 Coexistence of Central Bank Coins & Crypto? 💰
The truth is that blockchain made private business and the public sector too efficient and that led to a lot of unemployment and the mass rollout of universal basic income. That way, governments could issue digital money they could track and tax.
Obviously, most people want to avoid tax and that’s why lower prices are paid in stores if you use crypto.
🌎 Geopolitics 🌎
The world is divided between strong governments that survived the crippling levels of debt caused by the pandemic of 2020 and the crypto elite who control their own fiefdoms.
How did some of these governments survive? Well, that was thanks to some having sovereign wealth funds that diversified into crypto in 2020.
Sadly, the number of authoritarian regimes far outweighs the number of democracies in the future.
Yes, some crypto fiefdoms are run by benevolent rulers. However, most are run by despotic leadership.
🔗 Blockchain’s Impact On The Economy 🔗
In the future, most people are unemployed as they have been automated out by blockchain tech like smart contracts. Indeed, many companies are DAO’s with zero employees. All this has concentrated wealth into the hands of a tiny crypto elite of early adopters.
The financial services industry has now completely disappeared as everyone was automated out by DeFi. Even stock markets no longer exist. Sure you can invest in companies, but you’ll buy that tokenized equity on an exchange.
The rise of decentralized search engines and social media platforms ended up killing the likes of Google and Facebook.
Also, there are very few office workers in the future. That’s due to blockchain tech removing a lot of the intermediaries and administrative effort involved in record keeping.
Supply chains also became a ton more efficient by adopting blockchain to track and trace items.
Many jobs you take for granted no longer exist. Take taxi drivers for example; they were automated out through combining IoT and blockchain. In the future, people’s main function is to simply act as consumers
Speaking of shopping, loyalty cards are a thing of the past and store loyalty programs are now entirely digital.
Automation on this scale drastically reduces the value of human labour. So you better hope you live in a country with universal basic income.
⚖️ Impact On Legal System & Government ⚖️
Watch the video to hear my thoughts on how governments will adopt blockchain and how the legal system could be revolutionized.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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