What is the point of cryptocurrency?
In our industry it plays one major role, anonymity. The media and every millennial will have you believe it is the best investment they have ever done. This is probably due to bitcoin being the only thing they have ever purchased as an investment. The reality is, bitcoin has some major advantages as a transfer tool, but that is all it is good for presently. It is not a stock, it is not a real estate purchase, it is not anything except decimals on a screen that hold value because currently they are being accepted for conversion into government issued currency.
It is fast, it is anonymous and it can be purchased now through a wide variety of vendors. Just this last week bitcoin itself passed more holdings than Goldman Sachs at 95 billion USD. The mistake that people are making is the same mistake that happened during the tech boom and previous get rich quick investments. If you got in early and made money, don’t hold on until the end, when governments start boycotting the digital currencies, get out. Without an expansion to a valued market or a tangible product; for example in government and country GDP, a currencies value is volatile and subject to rapid decrease. Bitcoin only has value, because people believe it has value, similarly to collector trading cards and stamps.
Banks know these investment games, some are not taking the risk and some are getting into it. Most banks/governments are sticking to real estate, capital loans and other slower more stable markets.
That being said, for the time being it is a viable method for moving money within an ever constricting electronic world.