Global economies are facing a pivotal shift in employment models amid a digital revolution that will see crypto branded as the “bull market of this decade”, claims financial writer and comedian Dominic Frisby.
The global employment model as we know it is set to change unimaginably in a seismic shift that will force a complete rethinking of international taxation systems, institutional power dynamics, and redefine the public conception of a ‘bubble’.
Speaking at Manchester’s CoinFest, Dominic Frisby – the co-host of Money Pit – broke down the transformative impact of covid-19 and how it will catalyse the crypto revolution.
“Remote working has been accelerated by Covid-19,” explained Frisby.
“Traditional employment is not dead, but it’s on its way, and fiat currencies are limited by borders.”
“Governments have a big tax revenue problem on their hands”
Indeed, research by Ernst and Young suggests that by 2030 50% of workers won’t be contingent, meaning half the global labour force will be working remotely from their computers – among them a projected three billion freelance workers.
This has driven a sensational interest in so-called ‘digital nomads’, individuals who have pulled anchor and travel the world while working remotely.
Alongside this trend, there is surging adoption of mobile devices – with the United Nations now claiming there are more smart phones on earth than toilets . Frisby explained this was due to the fact the world’s unbanked could purchase them without cash or documents, as needed for landline-based telecommunications.
And this is creating a crisis for fiat currencies bound in scalability by borders – the adoption of cryptocurrencies is reaching unprecedented levels for remittances, retail investors, and digital nomads shopping for the best tax environments.
“Governments have a big tax revenue problem on their hands,” exclaimed Frisby as he highlighted income tax dependency.
“This will force more aggressive tax collection as pressures of government debt grow.
“Higher consumption taxes are likely, but implementation of higher VAT is problematic”.
Increased financial surveillance will become a necessary component of the taxation regime to come, and CBDCs are likely to form a significant component of the government’s response.