The idea that fiat currencies will become mainstream in the near future seems to be coming to fruition.
In a recent interview with CNBC’s Becky Quick, Bitcoin’s founder and CEO Peter Todd said that the technology behind Bitcoin will allow banks and financial institutions to create crypto-currencies as well.
“It’s very interesting to me because I don’t think it’s going to happen overnight,” Todd said.
“There’s a lot of technology that will be needed to create this, and it’s a very long-term process.”
Todd believes that Bitcoin is going to be used for a variety of purposes.
For example, the cryptocurrency could be used to pay for goods and services in countries like China, and the company could be deployed as a platform for payment for other goods and service providers in countries that don’t have the same banking system as the United States.
Todd has also said that he expects the Bitcoin network to grow exponentially over time, which is why it’s important to use the currency correctly.
Todd believes Bitcoin is a viable investment and that its popularity is a sign of its growth.
The technology behind Bitcoins is still very much in its early days.
“If I had to bet on Bitcoin’s future, I’d say it’s at least 10 years from now,” Todd told CNBC.
“But it’s just too early to say right now.”
Bitcoin’s value skyrocketed after Todd unveiled his new currency and it has since become the second-largest cryptocurrency after the Ethereum, and was once valued at $3.2 billion.