Although I'll probably need a whole lot of pages to seriously talk about this issue, for now, let us go with the basics.
A one time critic of blockchain and cryptocurrency, apparently, the heads at JP morgan, one of the biggest banking systems in the world has opted to jump in on the cryptocurrency phase and create their own stablecoin, called JPM coin.
This is both laughable and interesting seeing as the world has been negatively viewing bitcoin and cryptocurrencies as a risky assets, fads and many other names, with many well to do individuals shouting that it would go to zero, even those who we deemed knowledgeable.
The consequence of this move is actually positive for cryptocurrencies world wide, rather than something to be afraid of. The JPM coin suffers from several downsides of cryptocurrency, with none of the upsides.
As long as it remains a centralized entity, a stable coin tied to the US dollars, it is still going to experience the same death that the USD will eventually experience.
It is still tightly held by US laws and regulations, meaning it can be censored and controlled by entities.
This makes it highly impractical for use as a cryptocurrency.
Seeing the surging interest on cryptocurrencies by banks, govt officials, institutional investors and more, it is clear to the even the blind that bitcoin is here to stay.
Also worthy of note is the fact that many analysts have started warning about an impending burst in the stock market bubble, which has inflated so big that its burst could send the world reeling into another deep recession.
This means job cuts, more decrease in pays, increase in inflation rate, increase in prices of goods and services, decrease in quality of life and many more vices.
Cryptocurrency could be the saving grace of these banks and entities as we move into an uncertain 2019.