Bitcoin and its underlying distributed ledger technology can definitely give centralized monetary systems a run for their money. At least that’s what Bill Gross, a billionaire bond manager believes.
Bitcoin is already popular as being an alternative to conventional financial assets. Thanks to low and negative interest rate policies being implemented by the central banks in few countries, investors are now turning from conventional assets and deposits to Bitcoin. Unlike cash, Bitcoin is known to be an appreciating asset due to limited supply and increasing demands. Also, the decentralized nature of the cryptocurrency makes it immune to central banks’ policies.
“Bitcoin and privately agreed upon blockchain technologies amongst a small set of global banks are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms, …Gold would be another example — historic relic that it is. In any case, the current system is beginning to be challenged.”
Central Banks, especially the Federal Reserve, Bank of Japan and the European Central Bank are blamed for creating policies that endanger the age-old