Opening Thoughts
The whole nature of Bitcoin and cryptocurrency is to provide a real alternative to the somewhat archaic and old-fashioned rigidity of centralized finance. You don’t have to dig deep on social media to find a whole wave of different views. It can be a contentious issue, and there needs to be a strong ability to discern, rationalize, and approach each story you see without bias or subjectivity.
This is an arduous task for most people. Humans are hard-wired to challenge what they see, and the prism of personal views or bias can make finding subjective, balanced news far more complex. Given that Bitcoin is such a new and disruptive influence on the finance world, there are certainly positives it brings to the table, and many news outlets are now waking up to those positives and sharing the good of crypto. Invariably, the reception it receives en masse will shape its future, so could mass adoption be on the cards at some stage now that the rhetoric has switched to a more positive one following the recent beneficial price action?
The Utility Of Bitcoin
As a daily asset, could all of the population use Bitcoin to buy goods or send payments to others? El Salvador’s innovative approach of unveiling the asset as a usable currency has put many of these arguments to bed, as the country continues to flourish under the leadership of Nayib Bukele and his inventive gamble to turn Bitcoin into a legal currency and the main way to pay for things in the country.
Bitcoin casinos are one of the most effective uses of the technology and have helped the global uptake of cryptocurrency grow. Taking advantage of the security of the blockchain and convenient instant payment system means casino bettors can connect their assets to the Bitcoin casino and play poker, blackjack, or slot games instantly. There are usually no fees or banks to impact the transaction; it is just a direct peer-to-peer payment. Bitcoin casino gaming is a new aspect of the global casino industry, and because it is still so new, many people are intrigued to see how much potential it has. However, because of the enhanced convenience and security for bettors, it’s a payment method that many casino users continue to seek out and more casino brands now offer.
Bitcoin – The Most Popular Investment Of The 21st Century?
Suppose you’re somebody who understands cryptocurrency and actively trades and invests in the asset. In that case, you’re likely one of the few in your family or friend group who has an idea of the ingenuity of Bitcoin and blockchain technology. If you’d have invested a small amount in Bitcoin when the token launched in the late 2000s, you’d have got in on the ground floor of the most profitable investment. Although companies like Google and Apple have grown immensely in the same period, Bitcoin has outperformed them all in some metrics.
With Bitcoin increasing in price in the space of the last twelve months, El Salvador’s President Nayib Bukele has been able to pay off a considerable amount of the country’s debt and balance its books effectively. Thus far, the mass adoption of Bitcoin in El Salvador has paid off. Now that retail interest seems to be perking up again following a Bitcoin price rally, there may be a reinvigorated interest in the wider investment world, which is another critical element if mass adoption is going to take place, but the sentiment looks positive.
What Would Crypto Mass Adoption Like?
A society where centralized banks become decreasingly vital and a decentralized approach to finance that involves the ability to send money to any person or organization instantly without paying any fees might seem like a crypto utopian fantasy. Most people now understand that there are significant improvements that blockchain technology will be able to enact in society.
Blackrock is the world’s biggest asset management company, handling an investment fund in the region of $10 trillion. Rumors continue to gather momentum that their spot ETF is set to be accepted by the SEC, and they have filed an additional application for an Ethereum ETF. If both are accepted, this could accelerate the road to mass adoption. The OpenAI co-founder has also announced plans for his WorldCoin crypto that could be released soon.
Countries like the United Kingdom and the United Arab Emirates are also ramping up their efforts to encourage innovation in the sector. Now that cryptocurrency and blockchain companies are being encouraged to set up in a suitable regulatory climate to continue bringing such innovation to the digital financial sector. Given the positive price action, the industry will possibly see a boost again, particularly in the lead-up to a potential Blackrock Bitcoin ETF and a Bitcoin distribution halving scheduled within the first half of next year. While mass adoption could still be a while off, we seem to be moving ever closer to this one day being an eventuality.
