Global adoption of bitcoin is expected by 2030, according to Blockware, an infrastructure provider for blockchain technologies. This prediction is not surprising given the recent developments in cryptocurrencies. Meanwhile, experts believe that businesses are gearing up for an influx of cryptocurrencies with the proposal for the Lumis-Gillibrand bill.
Detecting crypto-phoria
Blockware Solutions published a report titled “Bitcoin User Adoption”, which predicted the global adoption rate of crypto. The report made these predictions using the past nine disruptive technologies adoption cycles.
The last nine cycles of such technologies are those of automobiles, radios, landlines, electric power, smartphones, tablets, cellular phones, the Internet and social media.
The report states,
“We believe that bitcoin adoption will reach saturation faster than many of these technologies for the following reasons: direct monetary incentives to adoption, the macro environment being the end game, and the rail internet of adoption growth; And the most efficient state of information dissemination ever on the Internet.”
As previously reported, new data shows that four out of five US retail organizations expect digital currency payments to be made within the next five years. He also believes that suppliers will accept payments in both stablecoins and cryptocurrencies. There is an overall high anticipation for crypto flows into the US retail markets in the coming years.
Don’t wait!
Rob Massey, Partner and Global Tax Leader at Deloitte & Touche, recently interviewed Yahoo Finance. He was particularly enthusiastic about the businesses, saying that “demand is coming in from customers; the business wants to grow.” Macy’s thinks businesses don’t want to be left behind and they “want to do that right now”.
Massey and other experts are of the view that companies are not looking at NFTs just as a financial digital asset. They consider NFTs to be smart contracts that improve business activities using programmable money.
“With NFTs that govern IP rights, we can imagine a world where tokens are used to access and pay for the use of songs. These tokens are then sent to all those parties in real-time. who have the rights to that song,” he concluded.
The recent proposal for the Lumis-Gillibrand Bill has raised hopes of a regulatory framework. Massey and others also believe adoption will increase after further regulatory clarity.
“We should be talking about different business activities with programmable funding,” Massey said. “Once that gets back to normal, that’s when we really see people engaging. It’s not for investing. It’s about keeping cash in your wallet instead, isn’t it?”