Goldman Sachs recently predicted that the majority of cryptocurrencies will inevitably drop to zero as the head of the World Bank has also expressed concerns and warned that most share similarities of the Ponzi schemes.
On the other hand, the Winklevoss twins, internet entrepreneurs turned venture capitalists, have stated that they predict Bitcoin to rise to 40 times its present value.
However, the underlying technology behind cryptocurrencies including Bitcoin is set to revolutionise the way that the world does business in the same way that the internet and email did previously. The issue is that there ceases to be a high-profile case that has demonstrated how blockchain can essentially change the way companies do business or affect the daily lives of citizens.
Recently, 14 Thai banks have come together to create the Thailand Blockchain Community Initiative. According to the central bank in Thailand, the initiative will digitise letters of guarantee on a shared blockchain platform. The digitisation of the documents and moving them to the blockchain can decrease the turnover time to merely thirty minutes.