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The future of cryptocurrencies an alternative to fiat money? - BBH

Analysts at Brown Brothers Harriman explained that the stellar appreciation of many of the cryptocurrencies has fostered a sense of FOMO (fear of missing out).  

Key Quotes:

"The CME is in the process of launching a futures contract on Bitcoins, which will be among the first ways one can short the Bitcoin in real time if one was so inclined.  Others are looking for ways to participate.  Some banks are looking at whether they can accept a client's cryptocurrencies like they would other assets. To be sure the ecosystem is still evolving.  The underlying problems with them as a form of currency or a store of value, the non-correlated characteristic claims, the environmental footprint, and the difficulty in scaling is not addressed by a futures contract, an ETF, or the like.    

The future of cryptocurrencies may not lie as an alternative to fiat money issued by sovereigns.  It may not be in crypto anything.  It may be a new asset class, a cyber asset that enables decentralized applications. These applications are related to cyber assets as emails are related to the internet.  Its still early days for the development of such assets, and just like when the internet was commercially launched, investors (as opposed to speculators) need to be careful of being sold vapour-ware by well-meaning zealots as well as some that may be less well-meaning." 

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