Cryptocurrencies could soon replace cash for international travelers – as one expert predicts Bitcoin will hit a record value this year.
Since 2022, Thailand, Singapore, the Philippines, Malaysia and Indonesia have been testing a system allowing cross-border payments to be made in seconds.
Project Nexus, a concept refined by the Bank for International Settlements with several Asian countries, allows international travelers to scan a QR code and choose what currency to pay for things like a meal or a cup of coffee.
Caroline Bowler, chief executive of BTC Markets, said this platform could one day be expanded so that international travelers can pay for goods via Bitcoin or Ethereum, avoiding the need to visit a currency exchange every time. whether they visit a different country or pay high fees at a foreign ATM.
“If it’s possible for these countries to do it, it’s very, very possible for Australia to do it,” she told Daily Mail Australia.
Cryptocurrencies are being touted as a great investment that could soon also replace cash for international travelers (file photo).
Since 2022, Thailand, Singapore, the Philippines, Malaysia and Indonesia have developed a system allowing cross-border payments to be made in seconds (in the photo, travelers in Phuket).
“The work has already been done, the proofs of concept have been proven, we can now join the rest of our neighbors.
“It depends on the different configurations, but you can choose whether you want to pay in Bitcoin or Ethereum, you can choose the crypto you want to use and there you go.”
“It’s that simple.”
In Thailand and other parts of Southeast Asia, consumers are increasingly using QR codes to make overseas payments or even for everyday transactions.
“They use it for high-frequency, low-value payments – buy your coffee or take a taxi, they all do it through QR payments,” Ms Bowler said.
Those who don’t want to use a QR code might also have the option of opting for a cryptocurrency-linked tap-and-go debit card.
“You look at the cards in your wallet and you say, ‘Okay, I want to pay into my crypto account today,’ so you pull out your crypto-linked card, then you tap and off you go,” a she declared.
“You can choose whether you want to pay in Bitcoin or Ethereum.
“The success of Bitcoin and other cryptocurrencies is how quickly you can complete a transaction. If you want to send money overseas, this is particularly good for that.”
Bitcoin Predictions
Bitcoin, the world’s most valuable cryptocurrency, hit a record high of $108,000 earlier this month, but has since retreated to $97,000.
But approximately every four years, the number of new Bitcoins issued is halved, with 19,687,500 of them issued before the April halving.
Bitget Chief Executive Officer Gracy Chen said a lower supply of new Bitcoins would reduce the likelihood of a fall in the cryptocurrency’s value, even though it remains a volatile asset.
“Anticipating the Bitcoin halving in 2024, investing in Bitcoin still holds great promise,” she told Daily Mail Australia.
“Reflecting on past post-halving increases, alongside a reduction in the supply of new Bitcoin and growing institutional interest, a bullish future seems a reasonable prediction for this halving event. ‘
Caroline Bowler, managing director of BTC Markets, said this platform could one day be expanded so that international travelers can pay for their goods via Bitcoin or Ethereum.
This innovation would save travelers from having to go to a currency exchange office every time they arrive in a new country.
Chen predicts Bitcoin will reach $110,000 in 2024, putting it slightly above this month’s record high.
“At the current rate, given growing institutional demand, easier access to retail, and less selling pressure from miners, it is possible that Bitcoin could even exceed current price forecasts,” she declared.
“The potential for high returns after 2024, combined with technological and regulatory advancements, makes Bitcoin an attractive investment opportunity.
Bitget Chief Executive Officer Gracy Chen said a lower supply of new Bitcoins would reduce the likelihood of a decline in the cryptocurrency’s value, even though it remains a volatile asset.
“However, investors must navigate inherent volatility and risks, while remaining aware of global market dynamics.
“Portfolio diversification remains essential to offset Bitcoin’s volatility, ensuring a balanced investment strategy.”
Bitcoin hit $87,800 in November 2021, but fell below $25,000 a year later as global inflation reached its highest levels in three decades and central banks around the world started to raise interest rates.
“Bitcoin is an unpredictable asset and remains sensitive to macroeconomic forces, particularly global economic ones. inflation And sotck exchange performance,” Ms. Chen said.
But it is also possible that Bitcoin will continue to grow until the next “halving” in 2029.
“As it stands, Bitcoin is on track to hit $100,000 by the end of 2024,” Ms. Chen said.
“If it can get past this psychological threshold and continue to show strength, there is no reason why it cannot continue to outperform other assets in 2025 and until the next halving. “
The future of money
Since 2022, at least 73% of transactions on purchases of $10 or less have been made with a card rather than cash, according to Reserve Bank of Australia data.
But Ms Bowler, passionate about a digital future, said physical tickets would still be useful.
“I don’t think it can be completely eradicated,” she said.
“There are still pockets of society that value the use of cash – for people with disabilities it is easier for them to understand the cash in their pocket rather than a digital format. ”
dailymail us
