Fact Check: Will Bitcoin become the world's currency? | WHEC.com

Fact Check: Will Bitcoin become the world's currency?

Nikki Rudd
Created: April 27, 2021 05:52 AM

ROCHESTER, N.Y. (WHEC)—  Are you a Bitcoin believer? Do you even know what cryptocurrency is? Some say Bitcoin will become the world's currency. Could that be true? News10NBC's Nikki Rudd did a fact check. 

First, what is cryptocurrency? 

"Bitcoin was originally designed as an alternative currency. Something not controlled by any country's central Government," explained Brighton Securities Chairman George Conboy. 

Bitcoin is a digital currency that started being used in 2009. Over the years, it has become more and more popular. 

"Because it is a finite thing, the prices have been driven higher by people buying Bitcoin as a potential investment as a way of investing in something other than stocks, or gold or real estate," Conboy said. 
 
 There will only be 21 million Bitcoins ever produced. One year ago -- one Bitcoin was worth about $7800. Now it's around $55,000.  

"I went from early on being a Bitcoin skeptic, to being someone who believes that Bitcoin is not going away, and neither are a few of the other large cryptocurrencies," Conboy said. 
 
Maybe you've heard of them:  Ethereum, Litecoin and Bitcoin Cash. However, right now Bitcoin is the most popular. 

So will cryptocurrency become the world's currency?

Conboy gives it a 40% out of 100% chance. 

"I think that there's a real chance that it might," Conboy said. "But it'll be a long time." 

Important to note here, Conboy says the dollar isn't going away any time soon, but even the U.S. Treasury is looking into a digital U.S. currency. 

Best advice if you're going to invest in cryptocurrency: Do your research. 

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