Many people still have the perception that Bitcoin or cryptocurrencies in general are scams or just some kind of "internet money for nerds". This is unsurprising, given the relative inaccessibility of the technology to many, as well as frequent use of jargons and highly technical terms. In it's earlier days, it was certainly hard to imagine Bitcoin having any other use outside of a niche internet circle, much less on the cusps of being recognized as a global currency.
If you asked anyone around you, "Are Cryptocurrencies recognized as global currency?" - most people would confidently say, "No". However, the International Monetary Fund (IMF) would disagree and that is, or that there is huge potential at the very least.
The IMF recently published it's first publications relating to cryptocurrencies - which in itself, is already a huge validation and nod to the burgeoning crypto space. While in their video and article they stopped short of calling Bitcoin a recognized currency (as it is too volatile and not yet widely accepted enough), the IMF does acknowledge the real benefits and disruptive abilities cryptocurrencies have over the traditional finance system. As we know (and as I have written in the FAQ "Having a Second Look at Volatility", volatility will decrease as adoption increases, and as a result, this problem is likely to disappear exponentially in time.
Watch the IMF's quick snippet about cryptocurrencies here:
Closer to home (Singapore), DBS bank has followed suit, silently releasing an article on the potential of Bitcoin and cryptocurrencies without much fanfare.
In a previous article, I have written about an increasing trend of global financial institutions and banks making "U-turns" and flipping bullish on the cryptocurrency space, and DBS is the latest to join the fray. This article from DBS, published on 17th August 2020, highlights DBS's view of the potential of cryptocurrencies, even calling 2020 it a "landmark in the history of digital finance". I highly encourage you to read the report from DBS to understand just how far cryptocurrencies and Bitcoin have come in gaining stature over the last 3 years. Just 3 years ago, DBS' CIO was just calling Bitcoin a Ponzi Scheme and to be avoided all cost. Complete "U-Turn" Complete.