How Can Cryptocurrency Reshape the Global Economy?
It all started with Bitcoin, first introduced as a white paper in 2009 as Peer-to-Peer Electronic Cash System. Since then, various types of digital currencies have been added, with the market cap reaching $ 2.65 trillion. Niche group of investors profited from the mysterious blockchain technology since the cryptocurrency was least common to individual investors over the globe. In 2014, companies such as Overstock accepted Bitcoin as one of the payment methods against online purchases. The same is followed by famous companies such as Master Card, Pavilion Hotels, AXA Insurance, Starbucks, Visa, and PayPal. Very recently, in March 2021, JP Morgan came out with a cryptocurrency exposure basket containing 11 unequally weighted reference stocks. Further, in May 2021, Goldman Sachs endorsed it as a new asset class. Many investors see cryptocurrency as an inflation hedge.