Today we wave goodbye to the old £1 coin in place of the new model. We’ve recently seen the introduction of the new £5 note and the brand new £10 note. However, it’s inevitable that cash will dwindle over the next few years and currency will become virtual.
With the rise in online banking and the increased use of PayPal over the last decade or so. There’s no surprise that new Blockchain currencies like Bitcoin and Ethereum are paving the way for a new wave of how we trade services for time.
Admittedly, currently, 90% of my invoices are paid via PayPal and not a simple bank transaction it really resonated. By 2027 statisticians predict that 10% of the world’s GDP will be stored on these Blockchain currencies. Blockchains like Bitcoin and Ethereum.
What’s interesting is that value of these two ‘currencies’ exponentially grows too. I read just the other day that Baroness Michelle Mone and Douglas Barrowman who have developed a 2.1 million square feet apartment complex costing £250 million. Located in Dubai, are selling the apartments in the 40 story building for 33 Bitcoin (BTC). Which equates to around £107,500 at the current BTC rate.
A brash move claims many. A smart move claimed by some. Baroness Michelle Mone and Douglas Barrowman clearly believe in the power and see the increasing value of cryptocurrency.
Take Bitcoin for example. Over the last year, the value of a single Bitcoin has truly exploded. Increasing by more than £2,700 in this time period.
This week came a bold announcement. One of the influencer marketing brands I work with will now have the option instead of paying in gift vouchers they’ll offer Bitcoin as an alternative payment method.
For those of you who are looking to save or invest some of your influencer marketing earnings, Bitcoin could be a great saving pot.
Over the last few months, I’ve become more and more intrigued by cryptocurrencies. Especially after seeing brands such as Amazon, ASOS, Etsy, Expedia and Microsoft accepting Bitcoin as a payment method. When the ELLEfluence Academy store launches, we too will accept Bitcoin.
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Huge influential business personalities such as Richard Branson, Bill Gates and Warren Buffett are consequently championing the rise of cryptocurrencies. Therefore giving more confidence in the future of the currency.
Having a fascination with how the world is moving from paper cash to crypto-cash. It leaves me intrigued and like I said, reading article after article including watching an interview with Sir Richard Branson. Talking about this new wave of currency, it really made me think, what’s the worst that could happen?
Well, I guess you could be this guy?
Read the full article on Forbes here or UK Business Insider here
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