Undoubtedly, cryptocurrencies have gained a momentous traction. The whistleblower was Bitcoin. It started in 2009 with the genesis of the first Bitcoin block. However, not everyone is fascinated by digital currencies. Purists still believe crypto will never become mainstream.
All the while, crypto plunged and soared, and still stayed and expanded. The bigger picture might perplex both the protagonists and antagonists. Statista reported over 40 million Blockchain wallet users in June 2019.
Some blockchain stats are even more fascinating:
- In 2018 the financial sector alone spent over $552M on blockchain
- The same year, over 90% of European and North American banks explored blockchain
- AMBCrypto reported that FBI happens to be one of the largest holders of Bitcoin (they seized it)
Does this indicate that mass adoption is just around the corner? There is no easy answer to that. But experts have an opinion. Cointelegraph interviewed “who is who” of the crypto world to understand the eventuality of crypto mass adoption.
Will it happen? What will it change?
The crypto community is positive. But they are curious. They want to know who will play the pivotal role-financial institutions, tech proponents or governing bodies. Let’s see what experts have to say:
Founder & CEO at ShapeShift – Erik Voorhees
Erik points out that crypto has surpassed “mass awareness”. Close to 2-5% of the US citizens have transacted in crypto at some point in time. As soon as this resistance is crossed, it will straight head for mass adoption which is yet to happen.
Right now, a lot of focus is upon which use case will cross the barrier to mass adoption. Will it be the payment system, smart contracts or nonfungible tokens?
Linklaters, Head of Fintech, blockchain and Digital assets- Joshua Ashley Klayman
Joshua responds that the mass adoption of crypto in payment systems needs to be the focus. And this will happen when payment in cryptocurrency no longer makes the news. Perhaps the day crypto-native companies start operating their accounts with nationalized banks, the mass adoption will be triggered.
In fact, the non-technical users must be able to buy, sell, hold and use crypto just like they use fiat. But before that happens, user experience needs to be worked upon and solutions need to be scaled.
Moreover, the ecosystem needs to make crypto usable for routine payments. And for this to happen, legalities and regulations need to wave a green flag.
InsideChains, Founder & CEO Cristina Dolan
Cristina believes, ICOs played a pivotal role in raising mass awareness of crypto. Accordingly, the next course of flow is mass institutional adoption. And Libra seems to be leading the way.
Undoubtedly, intuitive solutions that make crypto easy to transact for the users follow. As the user experiences improve, technology becomes better and institution acceptance increases, mass adoption is there.
Enabling higher liquidity of crypto is going to play a major role in the mass adoption.
ConsenSys Director of government blockchain solutions– Shailee Adinolfi
The focus must be to push crypto adoption in government entities. Whether it is futures contracts of Bitcoin and Ethereum, BAAS network or bank-issued cryptocurrencies, the government must adopt them first.
Noteworthy are the adoptions like South African Reserve Bank’s project Khokha and Monetary Authority of Singapore’s Project Ubin.
CEO and Co-founder BCB Group- Oliver von Landsberg Sadie
Categorizes the adoption in three market segments. The first happens to be the common user that propagates crypto in the retail industry. Moreover, the second segment comprises of businesses and financial institution. When the adoption occurs at this level a strong foothold will be established.
The final leg of the adoption is the third segment that comprises exchanges and payment services. When major players like Fidelity and JPMorgan have already taken a plunge in the crypto space, the next wave is unstoppable.
As all three segments are gradually moving higher on the adoption curve, the mass adoption may happen anytime soon.