Have you noticed the many changes in the cryptocurrency market in recent days?
If you have been paying attention, you’ll notice that many things had changed. For example, critics and even institutions had reversed their stance when it comes to cryptocurrency.
Back in 2018, the internet giant, Google decided to implement policies completely banning crypto-related advertisement on their platform. But three years later, in 2021, Google reversed their decision and decided to allow advertisement related to cryptocurrency – with some caveat.
Could this be a sign that the wind had changed and is currently blowing in cryptocurrency’s favor?
Personally, I believed that such was the case.
Cryptocurrency such as Bitcoin Cash, Bitcoin, Ethereum, Dogecoin, etc. had gone a long way and were now household names. Whether it’s online or even in the real world, the influence of cryptocurrency could now be felt. If that’s not a sign that cryptocurrency is nearing mainstream acceptance, I don’t what is.
That being said, cryptocurrency was just nearing mainstream acceptance and hadn’t really reached that status yet. Still, the fact that tech giant like Google was willing to reverse its decision was very telling of the future of cryptocurrency.
Moreover, it was not just limited to corporations, even in the government; some politicians were eyeing the potential of cryptocurrency, and were showing support for the disruptive technology. Remember El Salvador? Yeah, just recently, the El Salvadoran congress just passed the bill of that made Bitcoin a legal tender in the country.
Besides the people of El Salvador, people from other countries now see cryptocurrency as actual currency that they could use to purchase goods and services. As proof of this, local banks, and online businesses are integrating cryptocurrencies as payment option.
This was thanks largely to strong mainstream interest that the public are showing. But considering the strong performance of cryptocurrency these past years, it really shouldn’t come as a surprise. Moreover, this had happened despite the strong deterrence from our government. Even China’s recent crackdowns only slowed down cryptocurrency and nothing else.
From my point of view though, cryptocurrency becoming a mainstream digital currency was pretty much set in stone at this point. And the only thing that was lacking was time.
It was no wonder that countries around the world were racing to develop their own Central Bank Digital Currency or CBDC. The government knew that cryptocurrency was the future and that they could only adopt in order to maintain the dominance of their local currency.
But even if the government succeeded in developing their own CBDC, it still could not match the sense of freedom offered by cryptocurrency. There is just no helping it, once you experience true economic and financial freedom offered by decentralization, returning to centralization would be very difficult.
I think the popularity of cryptocurrency is very easy to understand. It has this charm that easily attracts people to it. Cryptocurrency is like nectar while people are bees – the latter is naturally attracted to the former. But considering the appeal of cryptocurrency, this was actually easy to understand.
I mean, if you were offered a currency that could be used anywhere in the world; a currency that lacks the weakness of traditional fiat money but was also convenient to use. Moreover, a currency that was also safe from inflation. Would you not use it? I certainly would.
No matter how you see it, there was really no reason not to accept the convenience that cryptocurrency had to offer, especially if you consider that we have stepped into the digital age where a lot of thing was being digitalized.
Indeed, it could not be denied that digitalization had played a big role in the increasing popularity of cryptocurrency. With the world going “digital” the public’s interest in cryptocurrency had ballooned over the years.
Moreover, the further we go into the digitalization, the more apparent the charm and usefulness of cryptocurrency becomes. As such, instead of pushing cryptocurrency away, more people had decided to embrace cryptocurrency instead.
Thank you for reading.
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