As crypto continues to make inroads into our daily lives, it is becoming clearer to all parties concerned that cryptocurrency is here to stay. But as major players in the global financial system embrace crypto, why are there so many that still deny the significance of the crypto financial revolution?
Let’s take a look at the facts, the big players, and how crypto has been received in various financial ecosystems across the globe.
The Major Players In On Bitcoin
While traditional value investors like Bill Gates, Warren Buffet, and Charlie Munger (the latter of whom are both in their 90s) do not support crypto investments, there are other substantial players in the game that have chosen otherwise.
Spread across the world, their confidence in and adoption of the technology proves that this isn’t a “niche” situation but rather a forward-thinking one.
The World’s First Regulated Crypto Bank
The world’s first regulated crypto bank, SEBA, has opened with a clear aim to bridge the gap between the traditional FSIB sector and the new digital one. The bank is situated in Zug, Switzerland, an area famous for being the first municipality in the world to start accepting taxes in crypto.
SEBA received a banking and securities dealer license from FINMA, the Swiss Financial Market Supervisory Authority, in 2019 and has been serving its international clientele since.
SEBA provides both individual and corporate clients access to fourteen cryptocurrencies, eight fiat currencies and its own SEBA Gold Token, backed by actual Swiss gold. These services come with a guarantee of compliance with government regulations and relevant legal frameworks.
Crypto Cashback Programs From Credit Card Companies
Two fiat credit card companies in Israel have recently reported that they will be offering credit cards that provide crypto cashback. MAX and Isracard have joined forces with separate crypto-focused companies to provide a first-of-its-kind solution to the crypto space, in the form of two cards.
The cards will offer direct access to the markets, as well as crypto cashbacks for qualifying purchases.
The First Country To Accept Bitcoin
Last year, El Salvador became the first country in the world to accept Bitcoin as legal tender. Almost a year down the line, now more El Salvadorians have a Bitcoin wallet than those that have a personal bank account – talk about rapid crypto adoption thanks to government support.
Long-time Bitcoin supporter, President Nayib Bukele, reported that 46% of the population have downloaded the government-approved Chivo Bitcoin wallet (although anyone is welcome to use alternative options, as long as they are Lightning Network-enabled). This figure stands in stark contrast to the only 29% of El Salvadorans with traditional bank accounts, as reported in 2017.
While the crypto markets are crashing, instead of assuming the worst the El Salvadoran government is accumulating Bitcoin. Taking advantage of the current low price, Bukele’s government purchased 500 BTC in early May, adding substantially to the government coffers. Bullish on cryptocurrency and determined to create a better economy for the country, Bukele is assertively invested in Bitcoin.
The Crypto Adoption Trajectory
According to the results of a study conducted across 23 countries and 28,000 people, there will be widespread mainstream adoption of crypto within the next decade. The results are backed by the fact that 75% of retail investors and 88% of institutional investors believed this outlook to be true.
A further 80% of institutional investors believe that cryptocurrencies will overtake traditional investment vehicles. And what is the key factor acting as a barrier to its mainstream adoption? Regulation, or rather the lack thereof. Analysts believe that with more regulation, investors will place more trust in the underlying technology and further drive its wider adoption.
The CEO of Bitstamp, the company that conducted the survey, rightly stated that, "Our survey shows something we have advocated over a long time: talking about the survival of digital assets is firmly over - the question is now about evolution".
The Black And White Of It All
According to blockchain analytics company, Chainalysis, global crypto adoption grew by over 2,300% between 2019 and 2021, and by over 881% in the last year alone.
Whether one chooses to invest in crypto or not, there is no longer any basis for denying that Bitcoin and blockchain technology are reshaping the global financial system. Since the pandemic there has been a surge of interest in cryptocurrencies, pushing these digital assets to the forefront of the global macro-economic and monetary conversation.
With convenient and secure opportunities to incorporate cryptocurrencies into your daily life, the future is only bright for Bitcoin and the other top cryptocurrencies on the market.
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