In case you’ve been out of the loop, the cryptocurrency industry is back in the limelight and is growing quite rapidly. The crypto-market has demonstrated immense potential, which is reeling in entrepreneurs, tech experts and investors.
According to Ivan Pacheco, an entrepreneur and crypto specialist, Bitcoin has especially taken over the industry, and it’s only a matter of time before the industry grows even more.
The possibility of mainstream adoption of digital currencies is now closer than ever. Some businesses such as Tesla and Paypal have even incorporated the use of cryptocurrency as a payment method in their establishments.
In 2017, cryptocurrency created a buzz that roared across the globe; however, that fire quickly died down, and people focused on other things. However, in the last year or so, the crypto-market has made great steps to put the industry back in the limelight.
The emergence of other currencies has also served to fast track the industry’s growth as it’s now becoming a competitive space. The fast movers will get to secure the bag, and as it stands, Bitcoin has tenure.
According to Pacheco, the key participants in this industry have been setting the pace; however, this might change soon with increased interest from the public. The next phase of evolution, which is now mainstream adoption, is drawing closer.
In the crypto-market, the key participants are investors, consumers, merchants, tech developers and financial institutions. Regulators will come in to aid in the acceptance and stable expansion of the industry.
Ivan notes that with financial institutions now taking an interest in cryptocurrencies, the beginning of a new phase is underway. The market is set to disrupt conventional strategies in marketing and business practices.
Compared to other industries, Ivan says that the crypto-market has grown extremely fast as in 2017, it was just getting recognized, and now, in 2021, it is already making tides in global payment systems.
The market, properly utilized, will improve efficiency by allowing customers access to a universal payment system anytime and anywhere in the world. However, the restrictions for this growing industry are access to technology and not credit histories. This is what makes it a prime solution for most customers.
Three years ago, the discussion around cryptocurrency was on its possible survival or demise. At the time, cryptocurrency traders and companies retreated to streamline the market, which led to more companies’ emergence.
Today, it is not a question of survival for the industry; it is now a question of how it will evolve next. When does it reach maturity, and what happens then?