Is cryptocurrency going to become mainstream?


Article by Phil

We’ve looked at cryptocurrency (and its dangers) before. In our view it remains a high-risk unregulated investment.

We have lots of issues with it. Not least its volatility. The uncertainty of ownership. Difficulty in realising its value. Its tax status. And probably most importantly its ownership and use for all types of illegal activity, from drug trafficking to arms dealing, to slavery etc. We don’t see how cryptocurrency can be part of a mainstream portfolio in its current guises. (Others may disagree).

But that’s not to say things won’t or aren’t about to change. The Economist has run a headline article this week (10/5/21) suggesting that mainstream cryptocurrencies are not that far away.

The article suggests that a number of Central Banks including the Bank of England, European Central Bank and US Federal Reserve are all looking at how they can create centralised cryptocurrencies. Unsurprisingly China have already created their own currency. Centralising and controlling cryptocurrency make sense to control all the negatives we’ve mentioned earlier. It also seems like the right time, with private digital platforms like PayPal having almost 400 million users. It shows that digital is here to stay.

Creating centralised digital currencies will put monetary control back in the hands of governments The downside is likely to be felt by existing banks who are likely to find it harder to attract deposits if central Banks are guaranteeing deposits (which they would). That could affect overall private lending and is something to watch out for. But it seems certain that creating mainstream government owned (and most importantly – regulated and protected) digital currency is the way forward

The Importance of Asset Allocation and Diversification

Christina Clegg Financial Planning Services explain the importance of managing your asset portfolio.

Our customers describe us a "professional and friendly Financial Planners" in their reviews, so why not give us a call on 01282 614444 or drop us an e mail to

Awards and Accreditations

Pension Transfer Gold Standard
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

Christina provides an extremely thorough, in depth service with clear and concise information given at every stage, highly recommended.

Mr R

Adele was wonderful! She explained everything and made us feel at ease at all times. It was wonderful to deal with her.

Mr & Mrs C

Friendly, approachable and reliable. Christina always keeps appointments, returns calls, and advises to your individual needs.

Ms F