A new report details just how widespread crypto adoption has become in recent months. The report – entitled “Cryptocurrency Market – Growth, Trends and Forecasts (2020 – 2025)” – has even been added to the website ResearchAndMarkets.com, suggesting that more people are interested in learning about crypto as of late.
Crypto Report: Bitcoin Adoption Is at an All-Time High
The coronavirus pandemic has been one of the most ravaging things to strike the globe in recent times. While quite a bit of damage has been done to the world’s financial markets, the virus has had huge impacts on human life, and things will likely never be the same even after we get everyone vaccinated and the virus becomes a thing of the past.
However, one positive thing that digital currency enthusiasts (at least) can take from the pandemic is that it has really solidified bitcoin as a leading cryptocurrency and as a tool to potentially keep people safe during times of economic strife. The currency is now looked at as a potential hedge tool – something that will stabilize people’s portfolios during times of strife and ensure that they do not experience the harsh realities of monetary losses… at least not by much.
Back in March, the coronavirus affected bitcoin much like it affected gold, fiat currencies and other tradeable assets. However, bitcoin only took about 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 has been on a roll ever since. It has now doubled its price and is trading for over $18,000 per unit.
Among the companies mentioned in the report to have either adopted bitcoin and crypto or to have fully stepped into the digital currency arena include coin product development firms, mining enterprises, cloud companies, wallet firms, and payment and trading solution providers.
In addition, the report also focuses on key market trends that are likely to influence the future of bitcoin volatility. No doubt bitcoin has been among the most volatile assets in the world as of late. Its latest price surge has brought it to its highest position in approximately three years, and most analysts are now debating as to whether bitcoin could potentially reach its all-time high of roughly $20,000 per unit by the time the year is out.
Banks Will Be Huge Instigators
The document examines current regulatory patterns and reaches the conclusion that global blockchain spending will likely be pushed by the banking industry. Many of these financial institutions have sought to issue centralized versions of crypto, meaning they are digital currencies that are established by regulated banks and similar firms.
With so many banks and countries now looking to compete not just with each other but with the likes of leading assets such as bitcoin, we could see a whole new wave of blockchain culture make its way into the modern world.