Believe it or not, less than 3% of the world's population is invested in crypto at the moment.
So many people have heard of crypto and wish to invest in it, but they never get to doing it.
Why?
Crypto lacks mass adoption.
And it is for this reason that I have created this post. I want to get my opinion on what crypto needs for mass adoption out there.
Many people believe that what crypto needs for mass adoption is a bunch of popular people endorsing it.
This can't be farther from the truth.
Yes, it'd be great if popular people endorse crypto. But without those popular people having any holdings in crypto or planning to have any holdings in crypto, it is as good as a pipe dream.
Imagine Kylie Jenner going on twitter posting a Bitcoin chart with 4 indicators and trend lines for days. Everyone would know that something is up.
Here's what crypto really needs for mass adoption.
1. We need to stop treating it as a commodity, and start treating it as an asset
Many people get into crypto to make a quick buck trading it against their regular fiat. Then they withdraw these earnings I'm their local fiat and further strengthen the fiat. What they have just done is that they have taken away a part of the volume devoted to that crypto and put it into fiat. This doesn't do much for cryptos cause.
While I am not saying that we shouldn't trade crypto, I am saying that we should endeavour to use services that we can spend crypto on. There are travel agencies like Travala.com where you can pay for your flight tickets in Bitcoin. Bitrefill also allows you to spend your crypto in popular stores around the world.
What I am saying is that we should trade our crypto, but then spend our profits without converting it to fiat. This shows the government we are serious about changing the order of things.
2. Stable coins? Really?
The concept of a stable coin is more or less bringing regular money into the crypto world. Don't get me wrong: I can see the use of stable coins. Imagine if you bought Bitcoin at $10500. Your $10500 would be worth $8700 just 3 weeks later. But your 100USDT is worth either 99.7USDT or even 101USDT at any given time. The value doesn't change, and that's a great safe haven.
But the power given to stable coins is grand. It would be great if we had just the digital dollar or DAI, but now everyone wants to get into the digital stable currency game. There are now digital pesos, digital euros, digital pounds. Who knows where it'll end?
There are even stable coin pairs on Binance now. I saw the USDT/EUR pair on Binance. What is this? Forex?
We need to agree on one stable coin that will be generally used. This is just my opinion though.
What do you think? What else do we need for mass adoption?
