The unpredictability and volatility that is associated with the cryptocurrency world is unknown to none. It has been associated with the digital currencies since their inception. Prices go up one day and are down by a huge amount the next day. Volatility and unpredictability are some of the major reasons why cryptocurrencies are not being adopted on a larger scale. But if bitcoin is adopted on a bigger scale with more and more people using it, will it become stable? Craig S Wright, an Australian computer scientist, businessman and crypto enthusiast suggests so.
Recently, Craig expressed his desire of seeing bitcoin being adopted by people worldwide. He stated in a tweet that:
I seek 5 billion people using bitcoin
That does not mean I care about anarchists, they do as they will. Bitcoin is for normal people.
— Dr Craig S Wright (@ProfFaustus) September 2, 2018
This statement from Craig suggests that he wants normal people to start using bitcoin. But one of the main reason why people hold back from entering the world of cryptocurrencies is the unpredictability that they possesses.
Upon inquiry by BlockPublisher regarding the acceptance of bitcoin among the people despite the prevalence of unpredictability, Craig Wright stated that:
At scale, it is stable.
The convenience that the digital currencies provide cannot be denied at all. People hold back from utilizing bitcoin and incorporating it in their financial life owing to the uncertainty that comes with it. Craig suggests that instead of running away from bitcoin, it should be adopted more by the general public.
Although, in the hindsight of all the developments that are being made in the cryptocurrency world, it seems that bitcoin is surely moving towards more acceptance in the future. In the future, people will surely be looking forward toward alternatives of fiat currencies and bitcoin might just prove to be the solution. Regarding the ease of use that bitcoin provides to the general public, the co-founder of Reddit and the VC of the venture capital firm Initialized Capital, Alexis Ohanian stated that:
As volatile as it’s been, we see it continuing [to go] up over the long term, because more and more people are going to look for alternatives to fiat as a store of value as we see currency fluctuations with states failing and other uncertainty, that makes having a digital store of value like bitcoin something that’s desirable, because you don’t have to worry about withdrawing it from a bank or the value disappearing as a government money.
Alexis also believes that bitcoin has been quite battle-tested over time. It seems that co-founder of Reddit sees a bright future for bitcoin moving forwards.
Bitcoin has had quite a bit of battle-testing over the years, and it’s certainly the most robust [cryptocurrency], and certainly one of the best proofs of crypto being a store of value.