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Mainstream Acceptance of Cryptocurrencies

Piecing together international developments and news stories demonstrates mainstream global acceptance of cryptocurrencies. We dive into the signs of mainstream acceptance from the perspective of multinational companies, governments, adoption by public figures and the entrance of institutions into the crypto-sphere.

Acceptance from International Companies

The crypto-space is gaining traction with large, internationally financial players opening their doors to the market, as demonstrated by the lead market players of VISA and PayPal.

PayPal recently announced that PayPal users in certain jurisdictions have the ability to buy, sell and hold select cryptocurrencies directly through PayPal. PayPal has implemented full facilities, such as providing information on cryptocurrencies and tracking cryptocurrency prices, allowing full functionality with PayPal itself. Cryptocurrencies are instantly converted to fiat currency, and the transaction will be settled with the PayPal merchants in fiat currency.

Visa’s CEO has stated that they are considering adding cryptocurrencies to the company’s payments network to allow them to function more “safe, useful and applicable”. The CEO further stated, “Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa.”

Other notable companies which accept cryptocurrencies in some jurisdiction for certain services include Microsoft and AT&T. In addition to other international chains such as KFC, Burger King and Subway; while there has also been an adoption to purchase airline tickets (e.g. Virgin Airlines, Norwegian Air), other types of tickets (e.g. Miami Dolphin, Dallas Mavericks, Benefica FC) and services (e.g. Shopify)

 Acceptance from Governments

Governments are starting to understand the potential of cryptocurrencies and are taking steps in providing legal and regulatory frameworks to facilitate the shift.

For example, in recent news, John Tory, the mayor of Toronto, has already created “Toronto Blockchain Week”, aiming to make Toronto a globally recognised crypto-friendly hub. While Francis Suarez, the mayor of Miami, has stated that they are working towards adding Bitcoin to the city’s balance sheet.

On a global scale, in the United States, nearly all states have taken some form of legislative and/or regulatory position towards cryptocurrencies. The United Kingdom has already implemented blockchain and cryptocurrency laws and regulations under the Financial Conduct Authority (FCA). While both nations also provide for taxation purposes; a strong indicator demonstrating long-term adoption.

Main Stream Adoption

Cryptocurrencies are gain mainstream attention which is fast gaining traction. It is now common knowledge that Elon Musk has reportedly invested over $1.5 billion in Bitcoin; following this announcement, we saw a drastic rise in Bitcoin of over 20%.

Bill Gates, founder of Microsoft, has also backed cryptocurrencies by stating that “…cryptocurrency is better than currency in that you don’t have to be physically in the same place, and for large transactions, currency can get pretty inconvenient…

While other international celebrities have made comments on cryptocurrencies and their effectiveness, such as Lionel Messi (Football Player; Barcelona FC), Floyd Mayweather (Boxer), Ashton Kutcher (Actor), notably, persons of interests, including NBA player Spencer Dinwiddie and NFL player Russell Okung, both requested a substantial portion of their salaries in cryptocurrencies.

Even though Dogecoin started as satire, the global commotion and popularity of Dogecoin connected with the GME circumstances demonstrate cryptocurrency acceptance and willingness to adopt.

Institutional Acceptance

The entrance of institutions into cryptocurrencies demonstrates that they see the potential and profitability of cryptocurrencies, which directly indicates the global adoption of cryptocurrencies. To show some of the leading institutional investors:

  1. Grayscale Bitcoin Trust: 614,308 BTC (Estimated Value: $28,800,000,000.00 USD),
  2. Block One: 140,000 BTC (Estimated Value: $6,500,000,000.00 USD)
  3. Wrapped BTC: 113,781 BTC (Estimated Value: $5,300,000,000.00 USD)
  4. MicroStrategy: 70,470 BTC (Estimated Value: $3,300,000,000.00 USD)

Final Remarks

This article stitches together the snippets of puzzle pieces demonstrating cryptocurrencies mainstream adoption. The proof is in the pudding; we can see global mainstream adoption reflected in the rise in cryptocurrencies' price. For example, Ethereum has demonstrated a 1-year growth of over 680% and Bitcoin has demonstrated a 1-year growth of over 370%.

We can slowly but surely see that there is a strong trend towards mainstream adoption. This author firmly believes that this is only the beginning, and in the future, today will still be deemed as an early entry.

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Legal & Financial Blockchain & Cryptocurrencies
Legal & Financial Blockchain & Cryptocurrencies

A view on the legal and financial aspects of blockchain and cryptocurrencies.

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