In March, Elon Musk announced that Tesla would allow customers to purchase its electric vehicles using bitcoin — but will other major brands follow suit? Will we soon live in a world where you can purchase your next cup of coffee using crypto? GOBankingRates asked our COO & Co-Founder, Sukhi Jutla, financial, banking, and cryptocurrency insights to weigh in on whether or not paying with bitcoin will ever be as common as paying with cash.
Sukhi said: ““Bitcoin is one of the most successful and proven cryptocurrencies in existence. However, it still lacks the stability that most currencies that are widely adopted need to have. The volatility it has at the moment is due to its speculative nature; it could become more stable if it is more widely adopted and used. For this to happen, we need governments to endorse it and approve of it, and also put in place regulations to protect investors and consumers who want to buy and use this crypto as a currency. Without this protection in place, it won’t get adopted widely. The tricky part will be how to ensure you don’t create a ‘central governing’ body to administer this, as this goes against crypto principles and values of decentralization.”
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