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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