Cryptocurrencies could soon replace cash for international travelers, as one expert predicts Bitcoin will hit a record value this year.
Thailand, Singapore, the Philippines, Malaysia and Indonesia have been testing a system since 2022 that allows cross-border payments to be made in seconds.
Project Nexus, a concept being perfected by the Bank for International Settlements with several Asian countries, means international travelers can scan a QR code and choose which currency to pay for things like a meal or a cup of coffee.
BTC Markets CEO Caroline Bowler said this platform could one day be expanded so that international travelers can pay for goods via Bitcoin or Ethereum, saving the need to go to a currency exchange every time they visit a different country. or incur high fees at a foreign ATM.
“If it’s possible for those countries to do it, it’s very, very possible for Australia to do it,” he told Daily Mail Australia.
Cryptocurrencies are touted as a great investment that could also soon replace cash for international travelers (photo is a stock image)
Thailand, Singapore, the Philippines, Malaysia and Indonesia have been developing a system since 2022 that allows cross-border payments to be made in seconds (pictured, travelers in Phuket)
‘The work is done, the concepts have been demonstrated and we can now join the rest of our neighbors.
‘It depends on the different setup, but you can choose if you want to pay in Bitcoin or Ethereum, you can choose the crypto you want to use and that’s it.
“It’s that simple”.
In Thailand and other parts of Southeast Asia, consumers are increasingly using QR codes to make payments abroad or even for everyday transactions.
“They use it for high-frequency, low-value payments – to buy coffee or hail a taxi, they all do it through QR payments,” Ms Bowler said.
Those who don’t want to use a QR code could also have the option of a tap-and-go debit card linked to a cryptocurrency.
“You look at the cards in your wallet and say, ‘Okay, I want to pay into my crypto account today,’ so you pull out your linked crypto card, then you tap and that’s it,” he said.
‘You can choose if you want to pay in Bitcoin or Ethereum.
“The success of Bitcoin and other cryptocurrencies has to do with the speed at which a transaction can be made; if you’re looking to send money abroad, it’s particularly effective at 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 roughly every four years, the number of new Bitcoins issued is halved: 19,687,500 of them were issued before the halving in April.
Bitget CEO Gracy Chen said a lower supply of new Bitcoins would reduce the likelihood of the cryptocurrency’s value falling, although it remains a volatile asset.
“In anticipation of the Bitcoin halving in 2024, investing in Bitcoin still has a lot of promise,” he told Daily Mail Australia.
‘Reflecting on the post-halving surges, coupled with a reduction in new Bitcoin supply and growing institutional interest, a bullish future seems a reasonable prediction for this halving event. ‘
BTC Markets CEO Caroline Bowler said this platform could one day be expanded so that international travelers can pay for their goods via Bitcoin or Ethereum.
The innovation would prevent travelers from having to visit an exchange office every time they arrive in a new country.
Chen predicts that Bitcoin will reach $110,000 in 2024, putting it slightly above this month’s record.
“At current rates, taking into account growing institutional demand, easier retail access, and lower selling pressure from miners, it is possible that Bitcoin could even surpass current price predictions,” he said.
‘The potential for high returns following the halving after 2024, combined with technological and regulatory advances, makes Bitcoin an attractive investment opportunity.
Bitget CEO Gracy Chen said a lower supply of new Bitcoins would reduce the likelihood of the cryptocurrency losing value, although it remains a volatile asset.
‘However, investors must navigate its inherent volatility and risks by being aware of global market dynamics.
“Portfolio diversification remains key to offsetting Bitcoin’s volatility, ensuring a balanced investment strategy.”
Bitcoin hit $87,800 in November 2021 but sank below $25,000 just a year later as global inflation soared to the highest levels in three decades and central banks around the world began raising rates. interest rates.
‘Bitcoin is an unpredictable asset and remains susceptible to macro forces, including global economic ones. inflation and stock Exchange performance,” said Ms. Chen.
But there is also a chance that Bitcoin will continue to grow until the next halving in 2029.
“As things stand, Bitcoin is on track to hit $100,000 by the end of 2024,” Ms Chen said.
“If it can overcome that psychological threshold and continues to show strength, there is no reason why it can’t continue to outperform other assets in 2025 and until the next halving.”
future of money
Since 2022, at least 73 per cent of purchase transactions of $10 or less have been made by card rather than cash, data from the Reserve Bank of Australia showed.
But Bowler, an enthusiast for the digital future, said there would still be a case for physical banknotes.
“I don’t think it will be completely eradicated,” he said.
“There are still sectors of society that value the use of cash; people with disabilities find it easier to understand cash in their pockets than in digital format.”
