A bold prediction that, on a broader scale, makes a lot of sense.
Specifically, McAfee told RT on Jan. 25 that “in five years’ time, over half the world, I promise you, will be using cryptocurrency.”
The legendary security software pioneer continued, “And the half that does not is going to be the half that probably doesn’t have smartphones or any access to the Internet.”
That’s quite an intrepid prediction; we doubt that economic powerhouses like the United States and China are going to allow cryptocurrency to replace fiat.
But we think McAfee’s got a point on his global scale forecast – only it will be the world’s developing economies using blockchain technology in day-to-day transactions.
Here’s how the third world could bring cryptocurrency to new heights.
Crypto Will Rule the (Third) World
At this very moment, global money systems are undergoing an unprecedented transition from centralized to decentralized.
Cryptocurrency and the emergence of its infrastructural blockchain are the major players behind this sea change.
And developing countries are opening up to this transition faster than their more stable, international counterparts.
Take Venezuela, for instance.
The country is suffering a dire shortage of bank notes after its central bank failed to issue enough cash to keep pace with surging inflation.
ATMs are empty across the capital, Caracas, and local banks limit customers to withdraw the equivalent of just a few cents a day. The International Monetary Fund (IMF) predicts inflation will spiral to 13,000% by the end of this year, while the economy is set to contract 15%, reported Bloomberg on Jan. 30.
So Venezuela’s dictatorial leader, Nicolas Maduro, has opted to take on crypto culture with a digital coin backed by Venezuelan oil barrels, which currently go for about $60. This new digital currency, the Petro coin, will go on sale to select institutional investors on Feb. 20 – just a few weeks away.