While many still think that crypto mass adoption is a matter of “if,” it is actually a matter of “when.” Crypto mass adoption is when many people start using cryptocurrency regularly. This could be for everyday transactions such as buying groceries or paying bills or more advanced activities such as buying digital assets, remark fintech veterans and executives at DeFi startup Earnity, Dan Schatt and Domenic Carosa.
Fintech and crypto experts believe that mass adoption may happen in a couple of years or longer. In the U.S., less than 10% of the population owns cryptocurrency. However, it has continued to grow steadily since the beginning of Bitcoin in 2009. Like any other technology, the adoption is likely to happen gradually and then suddenly. The less than 10% now may shoot upwards when it breaks the current mark.
Breaking into the Mainstream
There is no doubt that cryptocurrency will break into the mainstream in the months ahead, proclaim Earnity executives Dan Schatt and Domenic Carosa. Massive endorsement and partnership deals between major global organizations and crypto-related companies signal mass adoption. In addition, major brands such as McDonald’s and Burger King are embracing the NFT culture, capitalizing on the increased traction gained by the crypto sub-sector. The brands welcome the NFT culture to engage with their consumers.
Traditional finance embracing Bitcoin is a signal of the imminent mass adoption. This development sees the integration of cryptocurrency-related projects into activities spearheaded by mainstream financial institutions. One of the examples of this development is the U.S. market allowing the release of the primary Bitcoin-related ETF, ProShares Bitcoin Strategy exchange-traded fund (ETF) (BITO). The broader financial sector was more welcoming to blockchain technologies in 2021, with Visa and Mastercard inking deals with the cryptocurrency industry. These and other recent developments suggest that the crypto tipping point may be just beyond the horizon.