Ever since bitcoin entered the limelight, it has been receiving mixed responses. Opinions are divided about it. Some are confident about bitcoin growing big to replace conventional fiat currency, while others believe that it will gradually fade into oblivion. Amongst all these opinions and forecasts going back and forth, one latest prediction stands out. This prediction is from none other than the famous Winklevoss twins who took Facebook to court.
According to their prediction, bitcoin is going to replace fiat currency completely by the year 2025 to create a cashless society. With their upcoming bitcoin based venture waiting in the pipeline pending regulatory approval, the Winklevoss twins are doing their bit to increase bitcoin’s popularity. According to them, bitcoin and bitcoin based payment services will soon be replacing cash, credit cards and other fee based money transfer services like PayPal and WePay.
“Cash is going to be killed” – Winklevoss Twins
While addressing the crowd at the annual SXSW Interactive tech conference on Monday, Tyler Winklevoss said “Cash is going to be killed”. He went on to say that it will be nostalgic when you tell your grandkids about the good old wallet and how it used to be made out of leather, enforcing the point that cash will be rendered obsolete by sometime next decade.
With Gemini, the Winklevoss twins were aiming to be the first bitcoin exchange –publicly traded fund. But due to delays in gaining regulatory approval, they have lost the spot to Bitcoin Investment Trust (BIT). Unlike BIT which is open only for accredited investors, Gemini allows any investor to participate in trading… and this has led to delays in obtaining FINRA approval.
We at NewsBTC have been observing this trend where foreign remittance is gradually shifting from financial institutions like Western Union, MoneyGram towards bitcoin based services like BitPesa and ABRA. At this rate, the shift may happen even before 2025.