We have been hearing that crypto is going mainstream for several years now, but what are the current signs we should be aware of? By looking at some of the key areas, we can see whether this is a genuine trend to consider.
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Governments and Corporations Are Buying Bitcoin
Recently, some of the biggest news stories in the crypto world have been about the demand for Bitcoin from governments, local authorities, and major corporations. The success story of El Salvador could be one of the factors helping to persuade others to convert to BTC. Not everyone agreed when the Central American country adopted Bitcoin as a legal tender and invested heavily in the token. However, the recent price boom has seen the initial investment reach over $500 million, more than the original amount.
The US government could be one of the next to follow, with the proposed Bitcoin Act of 2024 suggesting that the country would buy a million BTC over the next five years to create a strategic reserve of the tokens that would guarantee 5% or more of Bitcoin would be under the control of American authorities.
The recent breaking of the $100,000 barrier has seen major companies, including Amazon and Microsoft, consider buying BTC. According to Binance, Microstrategy has made huge profits from owning the token. Still, opinion is divided over whether the volatility of cryptocurrencies makes them an ideal investment for governments and corporations. Microsoft shareholders rejected buying BTC, so adoption may not be as fast as some analysts suggest.
Greater Acceptance of Cryptocurrencies
One of the main issues with digital currencies has been the lack of ways to use them. However, this is gradually overcome as more businesses accept them, with crypto ATMs also now dotted about the planet. Ferrari and Tesla are among the companies to begin accepting digital cash in 2024, with the electric carmaker replacing Bitcoin with Dogecoin on its list of accepted currencies. The Virgin Voyages cruise line accepts BTC payments for its 2025 annual pass.
Another example is the online casino industry, where PeerGame allows players to fund their accounts using Bitcoin SV. This provides a fast and secure method of adding deposits and making withdrawals. The range of games remains consistent with what you’d expect from a casino, with the site including slots and table games such as roulette and blackjack.
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Easy to Buy and Use
Perhaps the biggest factor helping the crypto industry grow is the ease with which newcomers can invest and use their coins. Exchanges like Binance and Coinbase allow people to buy their first tokens with minimum fuss. Also, many mainstream news outlets have covered the area recently, raising public awareness.
There are several reasons to believe that digital cash is accelerating towards mainstream acceptance. Yet, there is still some way to go for this to happen, meaning that it should still be classed as an emerging area, with many people keeping a closer eye on developments than in previous years.
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