Hey, crypto fans!
With the increasing use of cryptocurrency in daily transactions, all signs point to blockchain technology breaking into
mainstream adoption in the upcoming years. Coupled with a growth rate of over 800% in the last four years,
it’s not hard to imagine a future that sees Bitcoin in the mainstream.
Whatever your own thoughts are on the predicted future of Bitcoin, we’re here to shed some light on the topic and
bring you our predictions for
Bitcoins’ expected growth, recovery, and widespread adoption.
The future of Bitcoin in 2021A high adoption rate and increasing use of cryptocurrencies are just two factors to keep in mind when it comes to Bitcoin’s potential as a future currency. Bitcoin has now been pegged as a currency that’s paving the way for greater security when it comes to online transactions.
Not only that, but it allows for anonymity, not to mention that banking institutions and government regulations will have no jurisdiction over the coin or the transactions that are made using Bitcoin. As businesses and consumers start to prioritize their security online, so too will they prioritize a currency that facilitates it.
Investigating the future of Bitcoin and the predictions surrounding it is a good place to start. Boasting a market cap of $200 billion (followed by Ethereum’s $40 billion), if ever there was a contender for “cryptocurrency of the future”, Bitcoin would be the one to keep an eye on. The mass adoption of Bitcoin is surely on the horizon, especially with a surging increase in blockchain technology and cryptocurrencies as a whole.
Mass adoption: the key to making Bitcoin mainstream
A future that sees Bitcoin in the mainstream is only possible with the backing of major brands and businesses. Let’s take a look at some of the businesses leading the charge in the global adoption of Bitcoin.
Amazon Having partnered with blockchain specialists Consensys, R3, and IDEO CoLab, Amazon is in the midst of integrating blockchain technology into its operations and launching its own fully managed blockchain service. Amazon’s investment in the technology is one that legitimizes the need for and future of cryptocurrency and ensures Bitcoin and other cryptocurrencies will stay top of mind for decades to come.
Walmart Joining Amazon in bringing legitimacy to the notion of Bitcoin as a future cryptocurrency is Walmart, who has applied to patent its own crypto coin - a decision that could see mainstream adoption happening quicker than expected.
The question won’t be whether it can stand up to Bitcoin, but instead how this will serve to escalate the process of Bitcoin itself becoming a mainstream cryptocurrency, given that its reputation precedes it even in a world where Walmart is showing up to the crypto party.
OperaThere is a growing demand for VPN-driven browsers, and at the front of the queue is Opera, which accounts for roughly 3.3% of all web browser traffic – millions of users – and so the news that it is moving into crypto should also be treated as a mainstream trigger.
Recent versions of Opera have seen integrated support for Bitcoin, Ethereum, and Tron payments. Why is this relevant to the topic of Bitcoin as a future currency? Simple. It’s a response to customer demand as much as anything else, and indicative of the power that crypto is starting to have in the digital conversation.
Mastercard Rumour has it that Mastercard has been recruiting ‘blockchain experts’, and has sought to obtain a number of different blockchain patents relating to its processes. Again, this is something that we can file under ‘mainstream acceptance’, which is good news for everyone holding their coin collection.
Some of the other mainstream adopters and industry giants using Bitcoin as a sustainable transaction method include...
Microsoft
Twitch
Virgin Galactic
Wikipedia
Burger King
AT&T
Join the ranks of Amazon, Mastercard, Opera, and others by opting to pay with BTC.
Mainstream adoption of Bitcoin in Dubai
The only thing more impressive than the backing of a major company is that of an entire government, which is exactly what Dubai is doing. Dubai’s efforts are focused on becoming “the happiest city on earth” through the achieving of three aspirations: governmental efficiency, industry creation, and international leadership. Part of this plan includes seeing Dubai become the first city fully powered by a blockchain.
Government efficiency will come from the savings that the blockchain is able to generate. Thanks to the paperless nature of the technology, the switch to blockchain could see savings of $1.5bn annually, along with a reduction in CO2 emissions and the freeing-up of some 25.1m hours of economic activity.
Dubai plans to process visa applications, bills, and license renewals on the blockchain while creating new industry opportunities in healthcare, financial services, logistics, energy supply, real estate, and retail.
The Middle East is one of the fastest-developing regions worldwide, and its integration of the blockchain is further proof that the future of cryptocurrency and the notion of Bitcoin in the mainstream is looking more promising as 2020 draws to a close.
China is backing the Bitcoin blockchainAt the heart of China’s economic growth — second only to the US in terms of Gross Domestic Product (GDP) — is technology, with crypto, blockchain, and Bitcoin rapidly forming part of daily mainstream adoption. To give an indication of how widely accepted the technology is, just last year the World Intellectual Property Organisation (WIPO) reported that China applied for and obtained more blockchain patents than any other country.
This is great news as the sheer transparency of a decentralized blockchain prevents fraud and corruption. Data on the BTC blockchain cannot be changed or altered in any way, and this is useful not only in politics but also in a range of other industries where accuracy to the minutest detail is key.
Bitcoin in 2021Bitcoin and cryptocurrency as a whole are governed by the simple mechanics of supply and demand. When demand goes up and supply stays roughly the same, the price – or value – of an asset increases exponentially. In a nutshell, that explains why the mainstream adoption of crypto is a good thing for anybody holding their own stash.
Once the buying and selling of Bitcoin become more prevalent, with lots of new money flooding into the market, you will see the value of your own coins increase – putting you in a fantastic position. There’s that old saying in life that you should make your money work for you, and the same is true for Bitcoin!
Cheers,
Karl
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