Bitcoin had an incredible run in 2017, but in one respect the coin is worse off than it was at the beginning of the year.

Bitcoin, the digital currency which remains a mystery to many, will someday replace the whole global financial system, doing the job

 of banks, insurance companies, credit card issuers and even trusts, a new book asserts.

This extraordinary scenario is the central theme in “The Bitcoin Big Bang” by Brian Kelly, investor and contributor to CNBC’s Fast Money.” Kelly says the transformation is as near as a decade away.

If the Industrial Revolution was the catalyst for modern economies to move from an agrarian to a manufacturing society, then the Bitcoin is the vehicle that will transport the financial system from CENTRALISED to DECENTRALISED,” writes the author, who runs Brian Kelly Capital from Greenwich, Connecticut. “Over the next decade, creative destruction will be the mantra within financial services, and it will all be due to an anonymous genius who gave his/her/their invention away for free.

Even an exchange-traded fund is currently being reviewed by the Securities and Exchange Commission for approval.

The price of the digital currency was near $380 on Monday, down 67 percent from its all-time high reached in November 2013, according to Coinbase.com. Much of the fall came after the Chinese government blocked payment processors from recognising digital currencies like bitcoin because they were being used by citizens to send money out of the country, subverting capital flow restrictions.

These kinds of hiccups will be common for bitcoin along its journey to world domination, Kelly explains. But once more and more people realise how unique, secure and programmable bitcoin is, the sky’s the limit, he writes.

 

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