Bitcoin recently celebrated its 10-year anniversary and it has been at least a decade since cryptocurrencies have been around. Other coins continue to add the space as it grows but there is no immediate dictation concluded as to what needs to happen for cryptos to actually become a part of everyone’s daily lives. People keep different opinions on this subject and it seems as if there is so much that is yet to happen till we hold Bitcoin (or other cryptos) like fiat.
Block Publisher set out to ask thought blockchain leaders and advisers on their opinion over the matter. Kyle Asman, partner at BX3 Capital believed that the conventional combination of an ETF, introduction of a regulatory body and ease of use will get cryptocurrencies into the mainstream. He said:
I think there are three main factors we can look to that will drive
adoption in the Crypto Space.
1. An ETF. Explaining to someone who is primarily an equity investor how to invest in Bitcoin or other tokens can be very confusing. When the option arises to invest through their typical stock broker or financial advisor it makes it much easier for them to allocate a portion of their assets.
2. Regulation. There is a lot of money sitting on the sidelines from those who want to ensure markets are regulated and compliant before investing. The passage of the Token Taxonomy Act in the US should bring some of those dollars off the sideline.
3. Ease of use. Currently most tokens are very hard if not impossible to use, this makes it tough for people to invest when they don’t understand what they are getting or what the use is.
CEO of Marketing firm NSM Jeremy Epstein was of the opinion that the games industry will trigger mainstream adoption in the space. This can also be credited to different digital apps and gaming platforms being built on blockchains that contribute as the biggest industry of blockchain. He said:
games will drive adoption: Historically, it’s been games. Farmville, at one point, was responsible for 50% of Facebook sign ups.
Once people see the new things they can do with blockchain-based games (CryptoKitties was just the start) and the experiences are consumer-grade, they will migrate.
Look at dappradar.com 9 of the top 10 are games.
While Lizzie Parmenter, Consultant for Pelcoin that is the Gulf South’s largest crypto ATM shared that it will be institutional adoption that aids cryptocurrencies going mainstream. She stated:
Institutional adoption will be the main driver of mainstream cryptocurrency adoption. If consumers can easily spend, store, and invest digital currencies with support from respected institutions, trust will grow in the technology.
A variety of strategies were presented by different analysts and experts in the space, but real adoption to cryptocurrencies still seems like a concept farfetched. Only time will tell whether actual realization of these ideas will take place or will the space continue to be marginalized.