Crypto assets like Bitcoin, altcoins like Ethereum, stablecoins, and non-fungible tokens all share one goal: to be part of the mainstream global financial system.
But ideas like anonymity, decentralization, and the lack of a clear framework that allows the digital asset class to be easily associated with illicit activities continue to slow down the process for wider acceptance and use of digital currencies.
In fact, according to Chainalysis dataafter reaching its all-time high (ATH) in the second quarter of 2021, global cryptocurrency adoption fell during the third quarter of that same year as prices plummeted.
However, during the last three months of 2021, adoption stats rose again thanks to a massive rally that saw many digital currencies reach their own ATH.
Meanwhile, during the last two quarters of 2022, there was a noticeable decline in numbers related to acceptance and usage as the market entered a bearish cycle.
This indicated that digital currency assets still have a lot of work to do to reach that certain level of adoption that everyone has been hoping for, a sentiment recently echoed by Mastercard CEO Michael Miebach.
Mastercard CEO Michael Miebach. Image: Crypto News.
Miebach believes that cryptocurrencies will go mainstream, but…
The CEO of the second largest payment processing corporation in the world was recently interviewed and had the opportunity to share your thoughts about the future of cryptocurrencies.
“I think there is a long way to go before crypto becomes mainstream,” Miebach said, adding that the popularity of the particular asset class will increase and thus become more attractive if they already exist. most appropriate regulations to cover it.
The CEO of Mastercard pointed out that there is a significant increase in the number of large investors who are willing to invest money in digital currencies, but who are discouraged by the lack of comprehensive rules.
This leaves potential investors clueless as to how they can enter the space safely and how they can protect their assets, especially as the industry is devastated by news of cyber attacks from time to time.
For its part, the payments company has made efforts to enable easier access to digital currency assets for its customers. Recently, MasterCard partnered with Binance to make NFT purchases as easy as buying a coffee.
Emerging markets dominate global adoption rate
In a report published by Chainalysis, it was revealed that the US ranked only 5ththe in the top 20 countries for global crypto adoption.
Three Asian nations, Vietnam (1St.), Philippines (2North Dakota) and India (4the) and Ukraine (3dr), rounded out the top five list, while Pakistan, Brazil, Thailand, Russia, and China made the top 10.
Of the 20 countries ranked by the research firm, there were 10 nations in the lower-middle income category, while eight were in the upper-middle income group. The United States and the United Kingdom are the only two countries classified as high-income territories.
Meanwhile, among the main victories achieved by cryptocurrencies in their bid for greater mass adoption is the declaration of Bitcoin as legal tender in el salvador and Tron crypto assets getting the same status in the Commonwealth of Dominica.
Crypto total market cap at $932 billion on the daily chart | Featured image from NPR, Chart: TradingView.com