There are still a lot of people who remain skeptics about the future of cryptocurrencies. Abdulaziz Al Jouf, the CEO of Paytabs, however, is not one of them.
While the crypto market at large is notoriously volatile and unregulated, It shouldn’t be seen as a failure. Al Jouf maintains that “cryptocurrency is here to stay.”
Al Jouf thinks that cryptocurrencies will keep on existing and will only gain in popularity, as not one of the core issues that provided the impetus for Bitcoins’ creation, namely centralization and the lack of transparency in traditional finance have been resolved.
Al Jouf says in an interview with Arabian Business that:
“There are different dimensions and different directions where this will go. Keep in mind that until today, central banks are trying hard to ban [cryptocurrency] because they feel it is out of [their] control.
If you think back to why cryptocurrency launched, it is because of the massive collapse in 2011… [It aimed] to make sure currencies and money is protected everywhere.”
He also thinks that cryptocurrency will stick around as a popular way to speculate and make money via trading in a volatile market. Al Jouf explains that:
“People still use it for the fun of making extra bucks. Of course, it’s risky and anything new is risky. There’s a lot of hype on how to make money out of it. I’m sure you heard that if you had bought x amount of bitcoin… You’re a billionaire today. But in reality, there’s a big issue on how to get this money out of the cryptocurrency industry.”
Several firms are already at work solving the issue, including Paytabs. As more solutions that are regulation compliant come into play, cryptocurrencies will only be seen as an increasingly viable means of value transfer, speculation, and investment.
Lastly, The Paytabs CEO noted that blockchain is currently not doing anything of value for the world. He says that he sees blockchain is progressing in some areas but will require some time.
Nevertheless, expect blockchain companies to continue the implementation of blockchain-based solutions in their race to create and launch blockchain’s killer app.