Real-Word Applications and Users: The Driving Force That Would Take BTC Mainstream, Not Institutional Investors
Contrary to popular opinions about institutional investors taking bitcoin mainstream, real-world applications and users will increase bitcoin adoption worldwide.
The 2020 bull run, which is similar to that of 2017, has created a buzz in the world of bitcoin and cryptocurrency. With bitcoin outperforming all other financial assets in 2020 and cryptocurrencies making all-time highs, 2020 was an excellent year for crypto enthusiasts despite the pandemic.
One worthy thing to note about the recent BTC run is the increased entry of institutional investors into the crypto ecosystem. Institutions that made fun of bitcoin years ago and tagged it as a scam have shifted their focus back to the crypto ecosystem. Financial giants like Goldman Sachs and JP Morgan have made a U-turn from their earlier stance on bitcoin and are willing to delve into the world of crypto with the recent Request For Information ( RFI) issued by both banks. Institutions are now dumping gold for Bitcoin as a hedging instrument against inflation.
Although the recent entry into the cryptocurrency ecosystem by financial institutions has made bitcoin more popular, the burden of taking bitcoin mainstream still lies with real-world applications and users. Some of the real-world applications include :
The recent increase in bitcoin’s popularity has led to more companies accepting BTC as a means of payment for goods and services. Microsoft became one of the top companies to accept bitcoin as a means of payment in 2017. Similarly, PayPal recently announced that cryptocurrencies would now be accepted as a source of funds for online payments in 2021.
Bitcoin ATMs allow you to buy and sell BTC with your credit card. With about 13,000 ATMs in 71 countries, Bitcoin ATMs will play a key role in taking BTC to the mainstream.