How to think about the future of digital currency
It’s a common trope that Cryptocurrency, digital currency, or digital assets are “disrupting the financial industry” and will usher in a new future of financial inclusion. That’s all well and good, but how can we imagine this future?
If you’re interested in tackling questions like this, join us next month at Hard Fork Summit, TNW’s dedicated Blockchain and Cryptocurrency event. But until then, let’s take a look at a method to help us consider what the future of digital currencies might look like.
There’s an economic concept by Jens Beckert called “Imagined Futures.” Basically, he says traditional economic theory, where decisions are based on history, isn’t entirely fair. Rather, people also make decisions based on what they believe will come true in the future. Everyone has the power to imagine and decided whatever they want.
Importantly, Beckert also talks of how these visions are important, even if they don’t come true. Regardless of their manifestation, they coordinate groups of people toward a collective future that we all must share. They should be taken seriously, for their ability to do this and not necessarily for what they promise specifically.
Futures of digital currency
Everyday, in the world of crypto and Blockchain, we are sold a new imagination of the future. Yet, there’s nothing to say that one will succeed, where another will fail.