Over the past few weeks, we’ve witnessed governments, institutions and big tech companies such as Paypal hopping on-board the bitcoin train.
Does this mean we’re seeing the beginning of mass adoption?
There are many triggers that could accelerate bitcoin’s growth or slow it down, yet either way, if we stop to smell the crypto, the $340B market that appeared out of thin air just a decade ago, has come a long way and bitcoin’s potential is most likely far bigger than what we’re witnessing today.
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Since inception, bitcoin has grown without an experienced CEO or a fancy marketing strategy, and has successfully managed to attract so much attention and usability, while building high hopes in the hearts of many, that now believe in a freer and decentralized financial future for all.
To achieve cryptocurrency mass adoption, consumers will need a seamless experience, not only should they not notice the differences between their bank account to their crypto account, the entire interface and capabilities should be far more advanced and secure. Regulations, institutions, and leading tech companies cooperating with crypto companies and communities, are also a strong indicator that we’re in the right direction.
So where are things standing today?
When the government shows willingness to secure and treat crypto assets the same as fiat assets, and focuses on similarities rather than differences, we can highly assume the market is striding towards adoption.
“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” said Acting Comptroller of the Currency Brian P. Brooks. “This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.”
Fidelity president and director of digital funds Peter Jubber, filed paperwork with the U.S. Securities and Exchange Commission (SEC) informing the regulator of a new fund dedicated to bitcoin, showing the seriousness with which it is taking bitcoin as an investable asset.
Last month, Paypal and Venmo, a mobile payment service owned by Paypal, were rumored to soon offer the option to buy and sell crypto-currency.
Chainalysis, a New York based block-chain company that provides governments, exchanges and companies with data and analysis that helps understand transactions on the blockchain, revealed Wall Street giants are increasingly moving large transfers of bitcoin and cryptocurrency as institutional investors in North America pile into bitcoin and crypto, with the trend thought to be just getting started.
If that’s not enough, the number of bitcoin-friendly banks is also growing, allowing people to buy bitcoin with a bank account as a method of payment. Banks that accept bitcoin are slowly increasing and it looks like they’re looking for ways to work with bitcoin instead of against it. JPMorgan’s rocky relationship with bitcoin appears to be rapidly softening, after the bank approved Coinbase and rival exchange Gemini’s accounts, potentially signalling the beginning of a new crypto era.
Finally this week we witnessed yet another important milestone, when Coinmama started to offer ApplePay to buy bitcoin.
Coinmama has been at the forefront of the financial revolution ever since its inception in 2013, when it allowed customers worldwide to buy bitcoin with credit and debit cards. Coinmama is constantly looking for ways to simplify the process of buying bitcoin and last week rolled out ApplePay as a new gateway into bitcoin which is a huge step for the crypto industry. Coinmama, in conjunction with Apple became the first bitcoin exchange to offer millions of Apple users a seamless experience when buying bitcoin.
Does all this mean mass adoption has in fact begun?
It’s hard to determine as things unfold, yet when looking at the significant progress taking place over the past few months, it’s also hard to think otherwise. We now have more support from governments than ever, mainstream gateways into crypto such as ApplePay and banks soon willing to secure our crypto assets. Although we can’t be sure mass adoption has begun, as long as bitcoin continues to bring value to people, it sure looks like additional key players will continue to join.