Cryptocurrencies could soon replace cash for international travelers – as one expert predicts Bitcoin will hit a record value this year.

Thailand, Singaporethe Philippines, Malaysia It is Indonesia Since 2022, they have been testing a system where cross-border payments can be made in seconds.

Project Nexus, a concept being refined by the Bank for International Settlements with several Asian countries, means international travelers can scan a QR code and choose which currency to pay in for things like a meal or a cup of coffee.

BTC Markets chief executive Caroline Bowler said this platform could one day be expanded so that international travelers can pay for goods via Bitcoin or Ethereum, avoiding the need to go to an exchange office every time they visit a different country or incur hefty fees at a foreign ATM.

“If it’s possible for these countries to do it, it’s very, very possible for Australia to do it,” she told Daily Mail Australia.

Cryptocurrencies are being touted as a great investment that could soon also replace cash for international travelers (photo is a stock image)

Since 2022, Thailand, Singapore, the Philippines, Malaysia and Indonesia have been developing a system where cross-border payments can be made in seconds (pictured are travelers in Phuket)

«The work has already been done, the proofs of concepts have been proven, we can now join the rest of our neighbors.

‘It depends on the different configuration, but you can choose whether you want to pay in Bitcoin or Ethereum, you can choose the crypto you want to use and that’s it.

‘It’s as simple as that.’

In Thailand and other parts of Southeast Asia, consumers are increasingly using QR codes to make payments abroad or even for everyday transactions.

“They use it for high-frequency, low-value payments – buying their coffee or getting a taxi, they all do it through QR payments,” Bowler said.

Those who do not wish to use a QR code will also have the option of a tap-and-go debit card linked to cryptocurrency.

“You look at the cards in your wallet and say, ‘Okay, I want to pay into my crypto account today,’ then you pull out your crypto card, then tap it and that’s it,” she said.

‘You can choose whether you want to pay in Bitcoin or Ethereum.

“The success of Bitcoin and other cryptocurrencies lies in the speed at which you can make a transaction – if you want to send money abroad, it is particularly effective at that.”

Bitcoin Predictions

Bitcoin, the world’s most valuable cryptocurrency, earlier this month hit a record high of $108,000 but has since retreated to $97,000.

But every four years, the amount of new Bitcoins issued halves, with 19,687,500 of them issued before April’s halving.

Bitget managing director Gracy Chen said a smaller supply of new Bitcoin would reduce the likelihood of the cryptocurrency’s value plummeting, although it remains a volatile asset.

“In anticipation of Bitcoin halving in 2024, investing in Bitcoin still holds significant promise,” she told Daily Mail Australia.

“Reflecting on previous post-halving surges, coupled with a reduction in the supply of new Bitcoin and increased institutional interest, a bullish future seems a reasonable forecast for this halving event. ‘

BTC Markets chief executive Caroline Bowler said this platform could one day be expanded so that international travelers can pay for goods via Bitcoin or Ethereum

The innovation would prevent travelers from having to visit an exchange office every time they arrive in a new country

Chen is predicting that Bitcoin will reach $110,000 in 2024, which puts it just above this month’s record high.

“At current rates, taking into account increased institutional demand, easier retail access and decreased selling pressure from miners, it is possible that Bitcoin could even surpass current price predictions,” she said.

“The potential for high returns after the 2024 halving, combined with technological and regulatory advances, makes Bitcoin an attractive investment opportunity.

Bitget managing director Gracy Chen said a smaller supply of new Bitcoins would reduce the likelihood of the cryptocurrency losing value, although it remains a volatile asset

“However, investors must navigate the volatility and inherent risks by remaining aware of global market dynamics.

‘Portfolio diversification remains key to offsetting Bitcoin’s volatility, ensuring a balanced investment strategy.’

Bitcoin reached $87,800 in November 2021, but fell below $25,000 just a year later as global inflation reached its highest levels in three decades and central banks around the world began raising interest rates. fees.

‘Bitcoin is an unpredictable asset and remains susceptible to macro forces, including global economies inflation It is stock market performance,” Chen said.

But there is also potential for Bitcoin to continue growing until the next “halving” in 2029.

“As it stands, Bitcoin is on track to reach $100,000 by the end of 2024,” Chen said.

“If it can overcome this psychological threshold and continue to show strength, there is no reason why it cannot continue to outperform other assets in 2025 and until the next halving.”

Future of money

Since 2022, at least 73 percent of transactions on purchases of $10 or less have been made with a card rather than cash, data from the Reserve Bank of Australia showed.

But Bowler, an enthusiast for a digital future, said there would still be arguments for physical notes.

“I don’t think it would be completely eradicated,” she said.

“There are still sectors of society that value the use of money – for people with disabilities, it is easier for them to understand the money in their pocket, rather than in a digital format.”

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