Cryptocurrencies have been prevailing across the globe for quite some time now. The possibilities of usage that digital currencies provide over fiat currencies are endless. But despite much hype, cryptocurrencies haven’t seen as much acceptance as expected. This is majorly due to the fact that many illegal and fraudulent activities are prevalent in the cryptocurrency world right now. Major institutions are holding back from investing in the world of cryptos owing to this fact.
But how long will it take cryptocurrencies to get accepted by the general public? According to Thomas Power, Board Member at 9 Spokes, acceptance of cryptocurrencies will surely take quite some time. Thomas is of the view that every new technology takes some to get challenged, accepted and adopted in the world. Cryptocurrencies are no different in this regard.
Talking to BlockPublisher, Thomas stated that:
…for sure you must always wait 15 to 18 years for a new technology to be hyped challenged accepted adopted
#crypto is no different people are just hoping for this exponential everything’s speeded up thing which is total nonsense humans are humans and we need time to grasp
Recently we have seen that bitcoin and other cryptocurrencies are not being accepted well by various regulatory bodies acros the world. United States Securities and Exchange Commission (SEC) has also been quite reluctant in approving bitcoin exchange traded-funds (ETF) at the moment. Recently, we have seen many ETF proposals getting rejected by the regulatory body.The ETF proposal made by the Winklevoss twins was also rejected quite recently by the regulatory body. The reason being the prevalence of fraudulent and manipulative activities in the crypto space. In the rejection made to the Winklevoss twins, which was also backed by Bats BZX, the SEC stated that:
Although the Commission is disapproving this proposed rule change, the Commission emphasizes that its disapproval does not rest on an evaluation of whether bitcoin or blockchain technology more generally has utility or value as an innovation or an investment. Rather, the Commission is disapproving this proposed rule change because as discussed in detail below, BZX has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.
But with progess being made, we might see an ETF get established in the near future. This will lead to more generalized acceptance of cryptocurrencies across the financial world. More and more institutional investors will flow in the world of cryptocurrencies as a result of this.
When asked whether we are eventually heading towards a global blockchain acceptance, ultimately benefiting cryptocurrencies, Thomas stated that:
yes circa 2023 post crash 2020-2022.
The statements made by Thomas clearly suggest that the cryptocurrencies are still going through the development phase. Every new technology that emerges across the globe takes some time to get accepted in the general public. Cryptocurrencies, just like every other technological innovation, is going through its adoption life cycle. There is no speed boost available for any new technological innovation to get past the finish line easily. It has to go through the trials of time. After all, humans take time to embrace something new in life. Change is not something that gets adopted right away. Cryptos will probably see acceptance in the future, but not without going through the trials and tests of time.