A new report showed how widespread crypto adoption had become in the past months. The report named “Cryptocurrency Market – Growth, Trends, and Forecasts (2020 – 2025)” has been added to the website ResearchAndMarkets.com, proposing that more people are interested in learning about crypto as of now.
Bitcoin Adoption is Unprecedented
The COVID-19 pandemic had been one of the most ravaging things that strike the globe in current times. While a bit of damage had been done to the world’s financial markets, the virus has had a significant impact on human lives, and it shows that things will never be the same even after everyone gets vaccinated. The virus will be just a thing of the past.
But one positive thing that can be taken from the pandemic is that it solidified bitcoin as a leading cryptocurrency and a tool to keep people safe in times of economic strife. The currency is now looked at as a potential hedge tool that may stabilize people’s portfolios in times of conflict and ensure that they do not experience the punitive realities of monetary losses.
Since March, the coronavirus pandemic has affected bitcoin much like it affected gold, fiat currencies, and other traceable assets. But bitcoin-only took two months to recover. Trading for less than $4,000 about eight months ago, the currency shot up to about $9,000 in May and had been on a roll ever since. It has now doubled its price and trading for over $18,000 each unit.
The companies mentioned in the report have either adopted bitcoin and crypto or have fully stepped into the digital currency arena, including coin product development firms, mining enterprises, cloud companies, wallet firms, and payment and trading solution providers.
The report also focuses on key market trends that are likely to influence the future of bitcoin volatility. There is no doubt bitcoin had been among the most volatile assets in the world as of now. The latest price surge had brought it to the highest position in three years, and most analysts are currently debating whether bitcoin can reach its all-time high of $20,000 per unit by the end of 2020.
Banks Will Be Massive Leaders
The document examines recent regulatory patterns and concludes that the banking industry will likely push global blockchain spending. Many financial institutions have sought to issue centralized versions of crypto; they are digital currencies established by regulated banks and similar firms.
Now with so many banks and countries looking to compete not just with one another but with the likes of leading assets like bitcoin, a whole new wave of blockchain culture makes its way into the modern world.
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