5 Tangible Evidences To Show Bitcoin Is Growing As A Mainstream Currency
by Mashum Mollah Investing 07 May 2020
A major change is happening in the financial world systems in a slow yet sure fashion. This change has been sweeping government circles and financial capitals all over the world. Fiat currencies have probably met their strongest resistance with the rise of an alternative model.
We are talking about the rise of Cryptocurrencies like Bitcoin who have, within a decade made, a strong case to alter the economics of the world. This article is in response to skeptics who state that total Bitcoin in circulation is worth just a few hundred billion dollars.
We look at five tangible pieces of evidence from across the world to show why it is high time the world needs to wake up to the reality of cryptocurrencies in general and Bitcoins in particular.
5 Evidence that Bitcoin is growing in stature and volume: The List
1. The record rise in the number of Bitcoin ATMs in the world-
Even though the entire world was experiencing less financial activity, there were a record number of new Bitcoin ATMs, which were being installed by manufacturers and operators in different parts of the world.
According to reports, the world now has 7729 Cryptocurrency ATMs dealing with Bitcoin and other cryptocurrencies like Ethereum, Litecoin, Ripple Coin, etc. The USA is leading the numbers, followed by Canada, the UK, Austria, Spain, and Switzerland.
2. The radical increase in the number of Services and Merchants accepting Cryptocurrencies-
In the past few years, the number of merchants accepting Bitcoin as a formal model of payment has surged past the 100,000 marks. In addition, the number of service points where you can buy, sell or exchange cryptocurrencies has shot up to 148,849.
This was something, which was unbelievable some time back. Huge corporations like Wikipedia, Microsoft, Expedia, AT&T, and even Burger King have started accepting cryptocurrencies as a legitimate form of payment.
3. Legalized status of Cryptocurrency in India-
Just a couple of months back, India legalized cryptocurrencies to resounding joys from the crypto community not only in India but also all over the world. This saw a massive surge in Bitcoin trading within the country’s numerous crypto exchanges.
Bitcoin analysts are very hopeful of India taking the lead and establishing the foundations of cryptocurrency in the world. If the lockdown trading volumes and investments are anything to go by, we can expect a lot of activity from the Indian crypto community in the years to come.
4. National Governments and Regulations-
One thing is certain- banning cryptocurrencies is only going to encourage more usage and less control. This is why almost all national governments are looking for ways to regulate the cryptocurrency. This is probably the first or second step towards crypto attaining legal status in our economies.
Countries like the USA, Canada, UK, Germany, and others are working with Exchanges, stakeholders and other players to bring in draft legislation to ensure that Bitcoin and another crypto cannot be used for illegal activities.
5. Bitcoin’s Bull Run crossing the $9K mark during the Coronavirus crisis-
One of the biggest statements that have been made in recent times has been Bitcoin’s rally during one of the world’s worst financial depressions. At a time when the global markets are crashing, oil went below the zero dollar mark, and unemployment hit an all-time global high, Bitcoin is steadily climbing the charts.
This upward trajectory is expected to continue well into the future with the crypto expected to breach the $100,000 mark by late next year.
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