There are often questions regarding the requirements for mass crypto adoption. It’s very hard to accurately pinpoint a single factor that will attribute to a large shift towards cryptocurrencies. One of Blockchain Capital’s partners, Spencer Bogart argued that in the next few years, stablecoins, Facebook and Telegram will be instrumental in creating the largest on-ramps to crypto so far.
In his post, Bogart talked about why he believes that the crypto economy would dramatically grow in the next few years. He mentioned that it’s not important if Facebook and Telegram directly integrate Bitcoin. With Facebook and Telegram on-boarding cryptocurrencies, there is no telling how much higher the demand for cryptocurrencies will be. Additionally, billions of people will now be familiarized with the ability to quickly and cheaply send money via blockchain technology.
Mass crypto adoption will happen via the next generation
Most experts believe that both the rumored Facebook cryptocurrency and the Telegram Open Network token will serve as a “gateway drug”. As the interest keeps rising, people will have the ability to trade these tokens for more “traditional” cryptocurrencies like Bitcoin and Ethereum.
Bogart emphasizes on the many upgrades that newer stablecoins possess:
“Models of fiat coins have already existed for years but trust and convenience are changing. There are now more trusted originators and they are closer to financial institutions. This makes it easier to move from USD to digital, blockchain-based USD.”
Bogart also states that Blockchain Capital has estimated that the current crypto userbase is around 100 million. That’s roughly 10 years after Bitcoin became available for the first time. As with most technological advancements, the pace of growth will increase simultaneously with the users.
That being said, it’s also important to note that many experts predicted that mass crypto adoption should have began by now. Given Bitcoin’s volatility however, it’s safe to say that unless there’s a major financial collapse or a revolutionary cryptocurrency pops up out of nowhere, things will keep moving at the same pace.
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