Is Cryptocurrency Adoption Becoming Mainstream?

2021-02-01

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It doesn’t seem like that long ago that cryptocurrency and the blockchain seemed completely far-fetched and something that would never catch on. In fact it sounded like something out of a sci-fi movie where people were no longer exchanging paper money, and country currencies were abandoned for a universal world currency instead. Well fast-forward to the year 2021 and cryptocurrency has never been more popular, which has some wondering if it has in fact become mainstream?

Fintech Firms Have Given it the Green Light

While plenty has to happen in order for cryptocurrency to become mainstream, the fact that big name fintech platforms have not only accepted it but are now widely using it speaks volumes. Look no further than PayPal and Square's Cash App as prime examples, giving their users the option to sell, buy, and hold bitcoin. Neither of these platforms is a fringe one, so by them essentially giving a green light to cryptocurrency, it has effectively helped to give it authenticity.

There are also online trading sites, which give users a way to venture into crypto trading without actually owning any of the currency.

Awareness is Spreading

Then there is the fact that the general awareness of cryptocurrency has grown exponentially in the past decade, especially in the past few years. Where it used to be difficult to find someone who knew what bitcoin was, nowadays much of the public is at least aware that it exists and that it is being used around the world. That is progress right there in helping to make it more mainstream.

Now that awareness is spreading, it also means there are more and more people who are interested in buying it, and at least getting started in it. Again, this is progress in terms of its notoriety.

The Number of Active Users is Growing

In addition, we have another indicator, which is the number of active users, meaning the people that hold bitcoin. This number has been slowly growing over time as well, and while it may not be at "mainstream" levels, the fact that it is growing is a strong indicator.

There is Plenty of Educational Material Available to People

Educational material may not be a glamourous way to measure how mainstream cryptocurrency is or isn’t, but again it works as an indicator. Finding information on bitcoin and cryptocurrency has become easier and easier, which helps with peoples’ personal comfort level. The more informed they are, the more comfortable they are, which makes them more inclined to at least look into it. It’s all about those baby steps and cryptocurrency has come a long way in this regard.

Not a Clear Cut Answer

So, when seeking to answer the question of whether or not cryptocurrency has become mainstream it’s important to understand there isn’t going to be a clear-cut answer. It’s not a switch that gets flicked on, rather, it’s a gradual process that builds and spreads, which certainly seems to be happening right now.