- Buffet’s opinion on cryptocurrency
- KPMG has highlighted reasons why Bitcoin (BTC), Ripple’s XRP, Ethereum and IOTA (MIOTA) are the four most important cryptocurrency.
While there are diverse views about cryptocurrencies, financial experts who see a future in digital assets are growing day by day. Despite the continuous increase of these experts, we still have successful investors who do not believe in Bitcoin at all.
Yesterday, Warren Buffet attacked cryptocurrency by claiming Bitcoin (BTC) is useless and does not do anything let alone producing anything. Buffet has been doubling down on Bitcoin for many years now, however, his claim on Bitcoin has not affected reputable financial experts to speak out their minds based on what they understand about cryptocurrency at large.
Early 2018, KPMG team of experts raised some worthwhile points about 4 cryptocurrencies not forgetting that at that time there are well over 1500 digital currencies in the crypto market.
While raising that some cryptocurrency assets are useless, meaning they do not have any use case, the KPMG team of experts posited that the four important cryptocurrencies known to them are: Bitcoin (BTC), Ripple’s XRP, Ethereum (ETH), and IOTA (MIOTA).
Their summations were born out of the non-stop conversation about cryptocurrencies and the need to get investors enlightened on the industry.
The involvement of large firms like BMW, Santander, Bosch, the introduction of floor-traded derivatives (bitcoin futures), and now Jaguar Land Rover into the industry pushed KPMG team of expert to look deeply into the industry.
What KPMG Team of Experts Said about Bitcoin (BTC)
One very noticeable importance of Bitcoin (BTC) is its extensive use in developing countries where their currency is unstable and have corruption as the order of the day.
Residents of countries like Venezuela, Zimbabwe, Turkey, Iran, and some others are looking up to Bitcoin (BTC) and some other digital assets. Bitcoin is pushing to be the significant asset used in those countries owing to their present predicament.
According to KPMG team of experts, “Bitcoin plays a pioneering ideological and technological role and demonstrates that cryptocurrencies are essentially technically feasible”.
Now, Bitcoin is gaining more attention than before. There are many ETFs waiting for approval, the launch of Bakkt, coupled with the involvement of Facebook in crypto, will increase the adoption of Bitcoin (BTC).
And about Ripple’s XRP
Ripple’s XRP has upper hand among other digital currencies. With several financial institutions joining Ripple, there is no doubt that XRP token has a future beyond comprehension.
XRP is used to achieve instant remittance at a relatively low cost. At the moment, around ten financial institutions are actively using Ripple’s XRP for payment, while there are over 200 banks and fintechs companies using Ripple technology for seamless cross-border remittance.
Ripple and its token, XRP, have a growing number of adopters especially now that users of RippleNet have the advantage to use xRapid, an XRP-dependent remittance solution designed by Ripple.
Ethereum (ETH) is Beyond digital currency.
As noted by KPMG team of experts, Ethereum (ETH) is not “so much as a pure digital currency,” it is a smart contracts platform.
Many firms are already using Ethereum for smart contract and there are many Dapps on the network today.
Of the recently released top 50 billion-dollar firms using blockchain technology, more than half of them are working with Ethereum. That is telling us that till today, Ethereum (ETH) is still being leveraged on by big companies across the globe.
IOTA (MIOTA) Rules the IoT World.
IOTA (MIOTA) is the king of IoT today. The digital currencies is a hot cake in the mobility industry for its exceptional use cases.
Recently, IOTA partnered with Jaguar Land Rover, British’s largest automobile company. With its aim of becoming the “established currency on the Internet of Things (IoT) for autonomous payments between machines”, the digital currency is being adopted across the globe today.
Not long, Volkswagen and Bosch announced a partnership deal with the IOTA Foundation.
According to the KPMG team of experts, “the potential applications (of IOTA) are many and varied”. Today, IOTA is proving its worth among others by sealing partnership deals and collaborating with Governments. A few days back, Today’s Gazette announced that IOTA is partnering with the government of Austin for an efficient transportation system.