What does mass adoption mean for the blockchain industry? Has it started yet? If not, what could get it going?
at a rate of around 20 million per a year, making the count stand at around 80 million today. That means that in only two years, the number of people involved in the space has doubled. Just think about it: That’s more than 1% of the entire planet’s population! And the more people get involved, the more will follow. Isn’t that mainstream adoption? It is for me.
“Mass adoption is definitely picking up, especially as Bitcoin, in particular, reached new levels of legitimacy in the eyes of investors, banks, corporations and entire nations. All the attention led to more active interest among the broader public but also highlighted the need to make it easier to onboard people.
“With nation-states like El Salvador adopting Bitcoin and more countries considering central bank digital currencies, they will soon realize that cryptocurrencies are not just a means of payment but the native currency of a broader blockchain where they need to build their government services and eventually change the very poor foundational banking layer that exists. Things like bank settlements and trade settlements take two to three days to settle.
“With the explosive growth in NFTs this year, I think we are now tracking toward much wider adoption of cryptocurrency, blockchain and associated technology. We are seeing Fortune 500 corporations court the NFT industry, financial and lending institutions adopt DeFi, and retail investors enter the crypto market en masse. Current reports state that nearly 20% of the U.S. is invested in cryptocurrency in some way. We are still early but are on the precipice of mass adoption.
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