Cryptocurrency could replace fiat money: Deutsche Bank analysts

In its report for the decade ahead, titled ‘Imagine 2030’, Deutsche Bank sees a huge possibility for cryptocurrencies becoming the preferred payment method, expecting to even replace fiat money. This is amongst one of the many things ingrained in our world that 2020s may bid farewell to, according to Jim Reid, Global Head of Fundamental Credit, Strategy and Thematic Research, Deutsche Bank.

“We predict the end of plastic credit cards, the end of high profit margins, and the end of low corporate tax rates,” he said in his prologue to Imagine 2030. Talking about India specifically, he said the country’s recent structural reforms mean it could become one of the world’s leading sources of middle-class demand.

Imagine 2030 stated that the forces that hold the fiat money system together look fragile, particularly decades of low labour costs. Over the next decade, some of these forces could begin to unravel and the demand for alternative currencies, from gold to…