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Is Cryptocurrency infinitely Closer To Mainstream Adoption?
Let’s talk about the mainstream media. Have you noticed the growing interest that the mainstream media was showing for cryptocurrency lately?
Whether it was good news or bad news; the mainstream media will still report it. Heck, one could even argue that one of the main sources of the FOMO an d FUD in the cryptocurrency market was the mainstream media.
There are many arguments that could be made why this was the case. For example, it could be because cryptocurrency-related news generates clicks and profits for them.
It’s also possible that some mainstream media personnel have investment in the cryptocurrency industry and to profit from the volatility, they would often spread FOMOs and FUDs. It’s similar to how some politicians would try to manipulate the stock market by passing bills.
For example, there’s a controversy about Nancy Pelosi’s husband buying Tesla stocks before Joe Biden announced his electric vehicle plan. Of course, it could have been just a good call from Pelosi’s husband, or it could also because he had inside info. I’ll just let you guys decide which one is which.
In all honesty, the mainstream media’s growing interest in the industry might have been caused by any other reason.
But do you know what I think is really happening?
I think that the mainstream media might had seen that a lot of people are growing more and more interested in cryptocurrency; that the growth of cryptocurrency could no longer be stopped; that cryptocurrency is about to get mainstream adoption.
Yes, I believed that the mainstream media’s growing interest in the industry was a tell-tale sign that cryptocurrency would soon to become mainstream.
Signs that the industry was nearing mass adoption could be, figuratively and literally seen everywhere. Some signs are subtle while other signs not too much.
A good example of the easily seen sign is the ten thousands of Bitcoin ATMs or BTMs around the world. These ATM-like machines allow people to easily purchase cryptocurrencies like BTC, BCH, ETH, LTC, and many more.
Majority of these Bitcoin ATMs are found in the US but thousand more are available worldwide. In the Philippines, there are at least 12 of these machines (surprise), most of which can be found in Manila.
Then there’s El Salvador’s adoption of BTC as one of the country’s legal tender. And although I disagree with their choice of cryptocurrency, as sign goes, few could be bigger than this one.
Now… I won’t go into details on this one as countless articles about the subject can be found online. Of course, I too, have an article about it so you could just read it if you prefer.
Now as for the unseen sign, one need not look further than our own government. Have you noticed that in recent years, governments worldwide were implementing stricter regulations?
Yup, it’s no coincidence. Governments around the world are aware that the mass adoption of cryptocurrency could no longer be stopped. So as to gain some control on the fast growing industry, they’re passing bills and regulations that would ensure the governments’ interest.
The severity of the regulations differs from country to country. Countries like China, India, Nigeria, South Korea and some South American countries have the some of the strictest policies.
This is especially true for China which in recent months, have crackdown on cryptocurrency trading after the introduction of the Digital Yuan.
Speaking of the Digital Yuan, or rather the Central Bank Digital Currency (CBDC), it too, was one of the biggest proof that cryptocurrency is nearing mainstream adoption.
I mean, how else would you explain our governments’ insistence in creating their own, central bank-approved, digital currency?
Indeed, even our governments are aware of the potential (and threat) posed by digital currencies. They know that if they’re to continue to have control of the global financial system, they too must adopt. It was for this reason that many countries are racing in creating their own digital currency.
Although it couldn’t be said that cryptocurrency have entered mainstream adoption, I believed that it is infinitely close. Yes, we’re very close.
Mainstream adoption could happen in one year, two years, three years, five years, or even ten years. Many supporters of cryptocurrency believed that mainstream adoption could happen in five years. The more conservative ones believed that it would be in ten years.
Despite the difference in opinion though, most people believed that the mainstream adoption of cryptocurrency would happen within a decade. The reason being was because the industry and technology behind cryptocurrency (blockchain) would have matured enough within that time span for majority of people to trust it.
Of course, I don’t think that fiat would be replaced completely within a decade but I do believed that most if not all of online transactions would involve digital currency rather than fiat. As for fiat, they would still be used by in real life, maybe for several decades before being completely replaced by cryptocurrency. But that’s just my opinion.