Demystifying the Mass Adoption of Bitcoin


The Bitcoin came into existence way back in 2009, since then Bitcoin has gained a mass adoption reaching the highest point in terms of prices of $20,000 per coin to drop back soon after the meteoric rise. Fast forward to today’s date it has almost been 10 years down the line and the question still remains about the mass adoption of Bitcoin has yet taken place is still being under contention. Consulting the experts seems to be the right path towards getting the queries answered out whether the mass adoption of Bitcoin really mean and has it really happened after all these years of popularity and price rise that other asset class very rarely experienced. What will it take to start to see a change an in the mass adoption of Bitcoin as the primary source of economic transactions?  Could it be the push from major financial institutional investors like banks, an insurance company or could it come from the government’s proactive role which finally set the ball rolling?

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Talking to Erik Voorhees CEO of ShapeShift has given us a quite a bit of idea of what mass adoption of Bitcoin really is. According to him, mass adoption needs to be specified in terms of usage. For Eric mass adoption as a store of value is quite different from mass adoption as a payment method which is then different from mass adoption of smart contracts or NFTs or also known as non-fungible tokens. According to him though a lot of Americans have at least heard or aware of Bitcoin rarely Americans have used Bitcoin as a store of value or as a payment method or as a smart contract or as a non-fungible token. According to Joshua Ashley Klayman head of Fintech and blockchain at Linklater LLP a US-based company mass adoption of Bitcoin would not be a source of news and people and individual will be willing to use the Cryptocurrency in their day to day affair.

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Source: Cointelegraph

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