The Rise of Bitcoin

Technology is Changing the Dynamic of the Business World

The cryptocurrency bitcoin continues its upwards trajectory, smashing through new ceilings recently to reach a point where a single bitcoin is now worth more than £12,000 – an increase of more than 1,000% in value in just one year. According to CoinMarketCap, it is now in the world’s top 30 currencies.

Is Bitcoin Here to Stay?

And of course there’s been a lot of speculation about whether this is the time to bite the bullet and invest in bitcoin or if this is a bubble that’s about to burst. But what has really interested me is that, in reporting the huge surge in popularity of bitcoin and other cryptocurrencies, financial journalists are acknowledging the bigger picture.

Writing on Sebastian Kettley for instance, reports the comments of Jordan Hiscott, chief trader at social trading platform ayondo markets who believes that “Bitcoin’s rapid growth model is a sign of shifting paradigms in the world of finance.” He goes on to say:

“We are in an age where technology is changing the dynamic of the business world. Older, traditional organisations are seeing their long-held dominance challenged by “disrupter” companies. For me, it’s no surprise that another disrupter, this time in the form of an asset or currency is picking up speed.”

Disruption is Everywhere

Me neither. Jordan Hiscott – I couldn’t agree more. At Castlight we are proud to be recognised as a leading “disrupter” in the world of banking technology and financial security. And our Affordability Passport is doing exactly what Hiscott describes as “changing the dynamic of the business world.”

Just in the same way that bitcoin is all about re-thinking the way we exchange and transfer money, our Affordability Passport is all about re-thinking the way we define “affordabilty”, or an individual’s financial profile. For bitcoin adopters, it’s no longer what they have in the bank that matters, its the assets in their digital wallet. Similarly, for adopters of our Affordability Passport, its no longer the bottom line on our bank statements that matter, its a full, in-depth digital picture of what and where we spend, borrow and repay that defines our personal assets.

The world of finance is being re-invented and we are excited to be playing our part in this technology revolution. Bring on 2018 and the brave new world of open banking. We’re ready for it. Are you?