Cryptomoedas gain prominence in a retrospective of digital banking, which analyzes the trajectory of money between 2011 and 2020.
The year 2020 is coming to an end and marks the end of an entire decade, giving way soon to the year 2021. In a retrospective of the last ten years of the market, fintech Nubank cited the importance of cryptomites such as Bitcoin (BTC), which marked the trajectory of “money”.
According to a publication in Nubank’s blog last Monday (21), Bitcoin Trader platform is pointed out as one of the “7 facts that marked money in the decade”. Like other technologies, the digital bank recognizes the importance of cryptomeda to the financial market in the last decade.
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Besides Bitcoin being mentioned, the digital bank highlights that the money has been marked by profound transformations throughout the market, such as the rise of fintechs, for example, as is the case of Nubank itself.
The ‘boom’ of fintechs
Although Nubank does not accept crypto, fintech has recognized the importance of Bitcoin for money over the past ten years. In a list of seven facts that have marked the financial market, Bitcoin appears in second place.
Therefore, before cryptomoins, the most important fact for money in the last decade was the ‘boom’ of fintechs, according to Nubank. For digital banking, fintechs now offer more advantageous banking services, with lower service fees and more competitiveness.
“Generally, companies of this type are more efficient and do not have a great cost with physical structures, such as branches and stores, so many offer cheaper or even free services”.
Nubank, Bitcoin and Money
Right after talking about the importance of fintechs for money, Nubank’s blog cites “the ups and downs of cryptomorphs” as an important fact in the last ten years.
According to the list of “7 facts that marked the money in the decade”, cryptomoks left their mark on the financial market. The publication brings a brief history about the creation of Bitcoin, which begins still in 2008 and ends with the record broken in US$ 20 thousand.
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The publication also talks about the expectation that Bitcoin’s price will continue to rise in the market, after cryptomoeda reached the historical quotation of 2017 recently.
“With the pandemic of the new coronavirus, the value of Bitcoin fell for a while, but then began to appreciate day after day. Until, in December, cryptomoeda exceeded the value of US$ 20 thousand (dollars) for the first time in history – and the expectation is that it will continue to rise”.
A new currency
For Nubank, Bitcoin’s goal was to play the role of a currency that could replace fiduciary money. In addition, fintech mentions that cryptomoeda intended to “get rid of banks”, thanks to its data decentralization.
“Created in 2008 as a response to the world financial crisis, Bitcoin aimed to replace physical money and get rid of banks in the intermediation of financial operations.
Finally, besides fintechs and cryptomoedas, five other facts have marked the trajectory of money in the last ten years, like the famous cashback programs, which return money to users.
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Another fact considered important in Nubank’s retrospective was the use of digital money, especially in 2020, due to the pandemic caused by the new coronavirus. Meanwhile, novelties such as the “payment by approximation”, the lowering of the Selic rate and the launch of Pix also marked the decade of money.