The internet was a once in a generation technology, offering opportunities that the mainstream certainly wasn’t able to recognise at the beginning. Since then it has become an inseparable part of daily life for many. It could be said that blockchain and cryptocurrencies are like the internet of 30 years ago, and what is ahead will change the globe in an even more disruptive manner.
It may be that many will not remember the early stages of the internet. In the early 90s Tim Berners Lee and his colleagues at CERN developed HTML and URL. The World Wide Web then took off in earnest in 1995 as Microsoft Windows 95, Amazon, Yahoo, and EBay all launched.
It could very well be argued that crypto is at that same point of development now as the internet was back in 1995. We all know what happened to the internet after that point and how the aforementioned companies, as well as many others, grew to be the giants that they are today.
In an article published today on CNBC, Ric Edelman, founder of Financial Engines, and leader of the Digital Asset Council, said:
“This is really like the internet back 20 or 30 years ago. We have to recognize that this only comes along once in a generation. And the innovative technology is allowing businesses to operate faster, cheaper with greater transparency, greater security, and this is why businesses are falling over themselves with development of blockchain technology,”
It can be said that if this statement is true, then it might be wondered why governments, regulatory authorities, and banks, have been so eager to besmirch the technologies.
In the same way, the internet was laughed at by many in the early days. Like new tech throughout history, many, if not all extremely disruptive new technologies go through their laughter phase until the penny drops.
It would appear that governments, and those from the legacy financial system are certainly not laughing now. That phase has definitely passed, as crypto has become a 2 trillion dollar value asset, and is expected by many to surpass the market cap of gold in the next few years.
Edelman commented on how he thought crypto would experience the same rapid growth of the internet:
“We now have the benefit of experience. We know how the internet just exploded in growth through the 1990s. That’s where we’re at today – incredibly early for the investors who are recognizing the opportunities that aren’t going to exist 10 or 15 years from now the way they exist today.”
There are many obstacles still to be overcome, but the age old adage that you can’t stop progress is as true today as it’s always been. Governments are going to launch their central bank digital currencies, but these are just more of the same of the collapsing fiat system we have now.
Yes, they will be of huge use to governments in controlling the monetary supply (and the population) but it is hoped that transparency, security, and freedom to spend your money how you like will win out in the end.
It’s not just about finances, there are so many diverse sectors that will benefit from the crypto revolution. We’ve seen many advantages already, but it is hoped that in the next ten years blockchain and crypto will become even more disruptive than the internet is today