Has crypto gained wide acceptance? At what point can it be called a mainstream system? The number of people adopting it is the main indicator of whether it has become common or remains at the fringe. More than 80% of millennial millionaires said in a survey that they had made investments in crypto. Seeing its progress, it becomes clear that its mass adoption cannot be halted, but at present, it is not so common.
What Experts Are Saying
The adoption rate can be different for different sectors. Some of these sectors include the share market, payment gateways, value storage funds, financial transactions, and others. Each use case is going to be different. Most people think of crypto only as a currency option, but it is a lot more than that. Bitcoin has become more of a speculative currency asset, making it difficult to scale it as a mainstream payment medium. Businesses look for a secure and stable currency for financial transactions. Retail and institutional investors have started using it to store value in the form of pension plans and ETFs.
Achieving the Critical Mass Is Far Away
Crypto data indicates its adoption is only in the initial phase. The use of cryptocurrencies, NFTs and DAOs is currently limited to people having a good understanding of blockchain technologies. The mass adoption will be when even common people who do not understand such technologies start using crypto freely. There are many factors that hinder the mass adoption of crypto. One example is the very high gas fees of the ethereum mainnet.
Crypto is far away from mass adoption, but it has everything going for it to become mainstream. A lot depends on how developers and the crypto industry develop crypto in the coming years.