Cryptocurrency Looks Bright After IMF Endorsement

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Just a few days ago IMF posted an exciting video tweet, clarifying how cryptocurrencies could help solve some of the problems the world is experiencing, exclusively within finance. The video did not mention any crypto but tagged Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH) in the tweet. This may sound like the three are at the center of attention, compared to other coins.

Role of IMF

IMF plays three major roles. First is surveillance, which involves the monitoring of economic and financial developments, and the provision of policy advice aimed especially at crisis-prevention. Secondly, the IMF lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.

Performance of the Three (BTC, XRP, & ETH)

Among all other cryptocurrencies, IMF mentioned three of these coins, BTC, XRP and ETH. The reason they were mentioned among others can probably be based on each performance in the market and how quickly institutions and investors are adapting and adopting the currencies. Ripple (XRP) in an instance these few months has been adopted by more than 100 banks all across the world, and the list is growing. Not long ago, XRP partnered with one of the largest banks in Kuwait, signaling to the entry of the coin into the Middle East.

Ripple has grown so fast in the finance sector that the IMF recently quoted it in a publication as one of the solutions that could enhance efficiency in finance. This is a positive indicator for XRP future in the finance industry and good for the long-term value of Ripple (XRP). Ethereum (ETH) has also been developing significantly since its initiation. Regardless of the challenges its facing, especially in speed and scalability, ETH user-base is growing by over 30,000 people a month.

This gives the Ethereum (ETH) blockchain a leg-up in the platform of the blockchains space. For other platforms to by-pass Ethereum, they would have to grow at a degree faster than they and it's not as easy as speculated. Ethereum is way on track to solving most of the issues that its competitor platforms use as a selling point. The founder of the coin, Vitalik Buterin has commented on how they were going to solve some of the problems facing the platform. He stated that they are in the process of solving the scalability issues facing Ethereum (ETH) using Sharding and Plasma technologies

Bitcoin, also known as the big bull and king of crypto is slowly taking the form as digital gold. A period ago, BTC rose in value while other cryptos or altcoins as they are known were dropping, following political uncertainty in Italy. This is a sign that it has the coin has the potential to become a fallback secure asset in case of a global financial crisis. This in itself is a solid reason for someone to be positive about the future growth of Bitcoin.

Conclusion 

This news should get an investor interested in any of the three cryptos. Those with other cryptos in their portfolio shouldn't be broken hearted as the endorsing of these three cryptos will lead them to also rise. Like this three cryptos believed by IMF as having the capacity to change the world, so can be said for others in no time.

With all these issues at play, there is every reason to be bullish on these three cryptos that the IMF has mentioned. The chances of Ethereum (ETH) getting to $2000 and Ripple (XRP) hitting over $10 in 2018 is quite high. They have reached a point where global institutional players can no longer ignore them. The future looks brighter as speculated.

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

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