Trillion-dollar markets don’t come about very often, especially over just over a decade. However, the cryptocurrency market is one such example that has defied critics and economic analysts to emerge as a legitimate and worthy contender to centralized finance. It’s not a perfect solution, but the positives of Bitcoin and blockchain continue penetrating the financial sector.
As more companies become aware of the potential advances on the horizon, some key events could determine whether or not cryptocurrency crosses over into popular culture and mass adoption. One component that many believe has the most substantial claim is local and international regulation.
Barriers To Mass Adoption
Education plays a pivotal role in bringing people into any industry. Irrespective of the type of business, the basic foundation of a successful idea is demand, and so long as there is a market, there will be people drawn to it. The media plays an essential role in driving public opinion surrounding blockchain, Bitcoin, and other cryptocurrencies. Conversely, there are also a lot of excellent learning resources available online so that you can familiarize yourself with how it operates.
Another barrier many believe is obstructing the potential crossover into the public sphere is the lack of practical uses for cryptocurrency. One of the only current examples of a crossover product that connects cryptocurrency with people who might not be too familiar with it is cryptocurrency betting and casino gaming. Although it’s a new market, many have been drawn to it because it implements the blockchain’s safety, security, and seamless nature, allowing people to play their casino games and place bets more conveniently and securely. One of the mostly preferred Crypto casino betting works in the same way as a traditional casino.
Still, by connecting your wallet directly with the provider, you don’t have to worry about your personal information being held on the server or potentially compromised, which is why many are making the switch and placing their casino bets with Bitcoin and other cryptos. However, other than casino gaming, there are a few other examples of industries onboarding people to digital assets using practical solutions. Still, local and international regulation could be vital in changing this.
The Role Of International Regulation
El Salvador created a global news storm when President Nayib Bukele announced that he would adopt cryptocurrency as legal tender. Take a visit to its capital, San Salvador, or any other city within El Salvador. You’ll be able to use Bitcoin in supermarkets, clothing stores, or for direct transfers to friends or family. Despite El Salvador profiting due to this switch, primarily due to the positive price action Bitcoin has experienced in the first half of 2023, the media seem set on portraying the move as the wrong decision, and it is part of this rhetoric that emboldens the point we made in the last section. Many people get their information directly from mainstream media organizations, so if their overall opinion of cryptocurrency is skeptical, it will inevitably trickle down to the general public.
It’s not all doom and gloom, though. Some countries have pioneered cryptocurrency and cryptocurrency investing. Countries like the United Kingdom and the United Arab Emirates have been heavily praised for their forward-thinking approach to regulation, encouraging blockchain companies to set up in their country and for retail investors to put their money into prominent digital assets like Bitcoin and Ethereum. Although you should never invest money until you have a strong knowledge of cryptocurrency, the blockchain, and the digital asset market, it is a groundbreaking new way to invest. Despite the volatility, it has proven to be propitious for many, but this simply wouldn’t be possible without lucid regulations.
Ultimately, any growing market relies heavily on favorable regulation, and in this respect, the cryptocurrency and blockchain market is no different. Although some countries have welcomed elements of the industry with open arms, there are still over a dozen countries where cryptocurrency is outlawed completely. There are dozens more where the regulation still isn’t clear, and the regulatory approach is confusing, such as the SEC in America allowing Coinbase to go public and sell shares and then accusing them of selling unregistered securities earlier this year.
Until this global balance operates cohesively and better education exists for those looking to learn about blockchain and cryptocurrency, the overall public consensus will likely remain reasonably negative. If regulation at home and abroad redress this division, this could be the catalyst for the industry to blossom into something much bigger. Although it definitely has the potential to grow to five or ten times its current size, it also relies on more significant external factors to play its part. So, while it is an extremely interesting time to be involved in blockchain, it also hinges on many of these factors coming together, and the next couple of years will be vital. If this regulation is favorable, mass adoption could be much closer than many think.