What if Bitcoin goes mainstream?
The adoption of Bitcoin at a large scale is somewhat controversial amongst many voices that speak in the digital chapter. However, it goes without saying that, to overlook the possibility of bitcoin going mainstream some time in the near future is probably equivalent to one choosing to simply put their head in the sand. The fact that it seems unlikely that bitcoin can go mainstream anytime soon, should not completely discount that, it might actually become mainstream. I guess, it is food for thought.
So, what are the chances, if any, that bitcoin might get globally acceptable? Are there any scenarios in existance, that can give credit to the school of thought that argues that it is inevitable for bitcoin to go mainstream.This paper will present that, there are indeed tell tale signs that prove that bitcoin is most likely to go mainstream and the opposite might not be true.
Most global companies have adopted Bitcoin and they have even gone on to add bitcoin as a reserve asset. This is my view does endorse bitcoin as an alternative investment asset. These companies include Microsoft which also accepts bitcoin payments when making purchases. Bridgewater, a global Hedge Fund which happens to be the largest of its kind in the world, has cryptocurrency adoption plans. Microstrategy, a Nasdaq- listed company has embraced bitcoin and it has bitcoin as a reserve asset.
Square is another example to this effect. Elon Musk has also adopted bitcoin as part of His assets portfolio. I suppose, in the light of all this, one needs to now ask themselves, "What if bitcoin goes mainstream?"
Paypal has also embraced bitcoin and Visa, the global payment company intends to introduce cryptocurrency trading on its network.ln my view, this in itself is a great validation of crypto assets and it is a plus or thumbs up towards the widespread adoption of bitcoin and other cryptocurrencies.
Goldman Sachs and Google have also invested aggressively in blockchain technology and this further endorses bitcoin as a premier cryptocurrency.
Apart from global companies investing in bitcoin, governments have also not been left out. For example, India is looking at the possibility of having its own Central Bank digital currency. China has its own Digital currency that is under the
direct control of its Central Bank. This , one would argue, will pave a way for some Central Banks to follow suit; especially those that are waiting to see how successful this initiative will be.
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Now, lets continue, another group of important actors that have not been left out of the cryptocurrency world is the Education Sector. In 2019, France's Education Minister introduced bitcoin and blockchain technology studies as part of the curriculum for students in its High Schools. Additionally, some business schools and universities have blockchain technology, AI, cryptocurrencies as part of their courses. Examples include, the University of Cape Town which offers Online courses in cryptocurrency, the University of Pretoria, which has a course in blockchain technology and cryptocurrencies.
The New York University's Business School offers blockchain technology and cryptocurrencies as a course. This was introduced way back in as far back as 2014 already. Other examples include, Harvard University, Stanford University, Duke University, MIT, Berkeley University and lastly Cornell University.
In a nutshell, the cryptocurrency revolution or should l say evolution; as the cryptocurrency market is relatively new and is still evolving given that it is still in its infancy is not to be dismissed as l reckon, it is here to stay and more and more institutions will be adopting bitcoin and other cryptocurrencies as a medium of exchange. As such, it would be premature to think that cryptocurrencies will soon fizzle out into thin air.