Lyn Alden: Bitcoin has every chance of becoming a global currency

The macroeconomic expert believes that the structure of Bitcoin, covering very different categories of users, suggests the possibility of global scalability of BTC.

Lyn Alden stated that bitcoin will become globally accepted money and will be supported by eight billion people due to its layered structure.

“I think that such a scenario is realistic, as Bitcoin can work in layers, like any complex financial system. Bitcoin is the base layer, then comes Lightning, then various storage platforms on top of the blockchain. Thanks to this, applications like Cash App can scale for many users, ”the economist explained.

Alden added that when multiple technologies come together, users can choose their own application at any level of the Bitcoin stack, as far as financial literacy allows them:

“Bitcoin holders may want to delve deeper into the BTC stack, while other people may want to rely on a variety of services and storage services or set up their own Lightning type.”

Alden believes that money is a type of technology and that we are still in the early stages of BTC as a currency.

“If you look back in history, you can see that we have been living through the era of Bitcoin development for 13 years, and we are still at the very beginning of the development of technology that will be relevant for another 50 or even 100 years. I think the combination of the internet with cryptocurrencies on a PoW consensus has changed the very nature of money. And Bitcoin is best suited for this, ”said the macroeconomist.

Alden added that in 20-30 years the world will not look like it does now. According to her, society has opened a Pandora’s box, creating “hard money” other than gold, the development of which is now moving at the speed of light.

At the same time, the deputy governor of the Reserve Bank of India, T. Rabi Sankar, believes that digital currencies of central banks can completely replace private virtual currencies, including bitcoin.