Crypto ‘will be the default currency in sovereign nations’

Cryptocurrencies will become sovereign nations’ default currencies at some point in the future, according to the Co-Chief Executive of commission-free stockbroker Robinhood.

Speaking at the Yahoo Finance All Markets Summit on Thursday, Baiju Bhatt said: “Whether that happens next year or in 15 years, I don’t know, but I’m almost 100% convinced that it’s going to happen.”

Bhatt suggested cryptocurrencies will be “an awesome store of value” in the future. “I think that there’s a lot of interesting stuff that has the potential to be created on things like the Ethereum token,” he added.

However, with around 1,600 digital currencies in existence, Bhatt warned things will be “clumsy” for a couple of years. “There are going to be things that look like they’re going to matter and then they’re not going to matter. I think don’t believe the hype, pay attention to the details, and there’s a lot of good stuff that’s going to come from this,” he concluded.

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