Bitcoin Passes From Consumers To Institutions, Becomes The Head Of Crypto
Bitcoin has been gaining more and more interest this year, despite the market volatility.
There’s a new report coming from the digital asset management company CoinShares, which took its data from a few industry leaders in order to analyze the big picture regarding crypto.
According to the results, over the past decade, since BTC has been launched, the market is transitioning from consumer to institutional.
The next evolutionary step for BTC will reportedly be Bitcoin banking and there will pop up key services for clients: banking deposits, insurance, investment products, cross-border payments, and sovereign currency.
The timeline for this next phase is 2022 and beyond.
Bitcoin promises more financial inclusion
The Daily Hodl reports that for consumers, Bitcoin promises more financial inclusion.
The official report reveals the following:
“Today, 3.8B people, or 50% of the world has access to the internet, and 42% have access to a smartphone, and while many are participating in online communities, many users are still cut off from the global economy and financial access outside of the local areas where they reside.”
The digital reach for global payments will not be driven by banks but by social media platforms and devices, as reported by the online publication the Daily Hodl.
Tech giants embrace the digital economy
Tech giants such as Facebook, Alibaba, Samsung, and more will be embracing the digital economy more.
The report also says that the expanding digital landscape generates blockchain-based structures and BTC is the leader of this industry.
The report also says that the Internet does not kill companies but it brings new opportunities.
“The internet did not kill companies. It enabled new types of companies to grow and made existing ones more agile and efficient.”
The report concludes: “Bitcoin and open financial systems will not kill financial institutions. It will enable new types of companies to grow and make existing ones more resilient.”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.