Is There A Possible Mass Crypto Adoption Worldwide?

A top-ranking executive at one of the leading credit card companies in the world is weighing on what it would take for the industry to adopt blockchain technology on a mass scale.

The vice president of Mastercard Harold Bossé responds to the question of when major financial institutions will be ready to adopt crypto assets in a widespread manner by explaining the importance of current user demographics and mainstream perception of the space.

“It’s only going to happen and I think it’s going to happen a little bit sooner than later, given the situation of the crypto assets right now, because it’s about the expansion to new demographics.

We know that today the individuals that are using, consuming, sending digital assets around the world, there are specific types of demographics. They are early adopters and new adopters, they are becoming more and more democratized, but we haven’t yet made the switch towards mass market. That is going to be a very important aspect of the decision by financial institutions to move into the space.

It is related to the business, but it’s also very much related to the perception, if there are some demographics that are currently not very much interested in the digital asset itself if these demographics start to see the point, the reason why it is interesting to leverage digital assets for cross-border activities and that might pivot the perspective of the bank.

Crypto asset-based lending services are not exactly a new concept but it’s great to see them being implemented on such a large scale – Indonesia has the 4th biggest population in the world, their government is very much pro-crypto and the company providing those loans is Danamas – one of the biggest financial institutions in Southeast Asia. This is yet another example of a slow but clear shift in the attitude towards cryptocurrency.

While digital currencies are on the rise, Bitcoin and other cryptos are yet to gain global mass adoption for several reasons.There is actually plenty of bullish news coming out on a regular basis. Just in the last few weeks, the English government announced plans for the UK to become the hub for everything crypto-related, the Central African Republic became the second country to accept Bitcoin as a legal tender and in Indonesia, NanoByte Token ($NBT) is now accepted by one of the country’s leading financial institutions for instant fiat loans.

There are a few stages for mass adoption to happen. The first was awareness, which was kicked off by the hyper-innovation stage that happened with the ICO craze. The current stage is institutional adoption. Libra is trying to open the way, by enabling institutional, political and regulatory acceptance. The next will be an easy and seamless experience for both users and institutions, where users don’t have to deal with the difficulties that come with today’s crypto technology.

It is also great to see large and rapidly developing countries embrace crypto, especially considering the increasing number of crypto control measures in many of the most populous countries in the world such as China and India. Of course, everyone saw it as bullish news when El Salvador announced last year that they will accept Bitcoin as a legal tender but let’s be honest – we won’t see true mainstream crypto adoption until more populous countries start utilizing crypto.

🛑DISCLAIMER: I am not a financial advisor. All contents discussed on this blogpost are solely my personal views for education/entertainment purposes only . Do your own research and due diligence.