Fiat is losing this game against crypto and it's becoming pretty obvious.
While a handful of people focus on the reliance on fiat as a unit of account to price in cryptocurrencies and assets, they fail to realize that being a unit of account has little value beyond popularity.
Sure, USD is the unit of account, but if trades are settled in Bitcoin, who's making money? The U.S with their unit of account or Bitcoin miners?
The answer is clear.
You know, it kinda reminds of Nigeria, how naira has been used as a unit of account for global online shops but trades are settled in USD. The citizens don't know this when transacting, they simply think they are paying in naira until the banks ran out of FX to continue their currency price manipulations, then everyone came to the understanding of what really goes on in the backend.
Naira as a unit of account here had no value whatsoever because when the bank's USD reserves ran out, citizens could no longer pay for things online.
The premise for global trade is changing, human needs are changing as the day goes by and the cross-country limitations that have been faced over the years in trade can no longer be accepted, thus a need for a new financial network.
Crypto as a medium of exchange for global trade is something significant, if we have to overlook the value of the new world of banking - the decentralized banking system fostered by decentralized blockchains and their utility tokens and assets and the constantly evolving community of DeFi smart investments protocols, the break in of crypto as a payment medium in the state, national and international level holds a significant play in industry value flow.
The Attacks are not working
It is obvious that attacks on crypto are not working.
Why?
The weapon in use is the wide spread of false information via media outlets and we are living in an era where Google is literally the one stop shop for research(sorta) so when you go on your controlled media to say that bitcoin is a dead asset, someone goes on Google to ask "Is Bitcoin Dead?" and there flows an ocean of knowledge supporting the notion and others opposing the notion, what happens next?
The truths and lies about something are always both very convincing but the average person coming to read about possibilities of making some money off the Internet is likely to follow through to use this technology, even with little knowledge and exposure to such tech.
As such, more and more people are drawing closer to digital assets such as fungible crypto tokens and Non-fungible Tokens like collectibles in blockchain games, NFT arts, tickets, etc.
In recent Reuters report, Ferrari now accepts crypto payments in the U.S using the crypto payments processor Bitpay and will be looking to expand to Europe.
The report also says that many of Ferrari's young investors' clients are invested in cryptocurrencies and associated assets and some are considering diversifying their portfolio.
MILAN, Oct 14 (Reuters) - Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."
What does this tell us?
Majority will focus on the fact that most of these companies are generally not interested in holding any of these payments assets as the reports clarify that Bitpay will be converting payments to the preferred currency of the Italian company.
What should actually be in focus should be the inclusivity that comes with businesses adopting crypto payments, we are talking about a global network of consumers gaining easy access to products and services worldwide, this is basically a two-way value factor.
The businesses gain more customers and generate more revenue, whilst the consumers, customers or users gain access to a global market for trade.
All while keeping entry levels low with flexible payment processes, low transaction cost, high processing speed and settlement time and above all, zero geo limitations.
The signs are there, crypto is technology's gift for a new financial network.