Cryptocurrency: Future of Finance

An emerging digital mode of payment opening new avenue in financial sector

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The year 2017 featured as remarkable period in the evolution of cryptocurrencies— Bitcoin, Ethereum, Litecoin, etc. It (the year) witnessed some key trends in the space of virtual currency such as hackers demanded to pay ransom in Bitcoin, the US based exchange giant CME Group revealed its plan for Bitcoin futures and ten-fold jump in the value of Bitcoin from roughly US $1,000 in January to US $10,000 in late November.

Despite ongoing debate—for and against— on virtual currency, the emerging trend in cryptocurrency signifies that it is gradually gaining mainstream acceptance across the globe which will be driven by millennials particularly.

Enticed by surging price of Bitcoin last year, it is revealed that one out of three millennials—age in between 18 to 35—will invest in cryptocurrency by the end of this year. They prefer to invest US $1000 in Bitcoin rather than investing the same amount in government bonds or stocks.
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