The mass adoption of digital assets has been an important goal in the crypto space last year, and there have been all kinds of developments made in order to support this important target.
In 2020, the goal remains the same, and crypto and the underlying tech, the blockchain is entering the mainstream as we speak.
Crypto Daily discusses seven factors that show the fact that crypto is going mainstream right now.
JP Morgan issues its crypto
JP Coin began the very first crypto that’s been issued by a big US bank. The coin targets regular transactions and also cross-border transactions.
Americans have to pay taxes for crypto earnings
Back in 2019, more than 10k people received letters from the International Revenue Service with notifications about taxes on their unreported cryptocurrency gains.
According to the U.S. tax law, all cryptos are property, and this means that they are no longer something abstract.
More countries are implementing regulations for digital assets.
Crypto ATMs are here to stay
There are reportedly 6.3 crypto ATMs that are getting installed all over the world on a daily basis. There are more than 6,700 crypto ATMs in the world. These enable people to exchange fiat and coins.
Governments develop national currencies
Governments of Dubai (UAE), Venezuela, Tunisia, and the Marshall Islands have already launched their blockchain-based coins, says the online publication mentioned above.
Many more countries, including Russia, Japan, and Switzerland, also develop more coins. Some are also considering making Bitcoin an official means to pay for goods and services.
Facebook launches crypto
As you already know, Facebook has been working on its project called Libra for a really long time, and this raised many controversies.
Libra can change the world in the way we buy/sell goods online.
An exchange for crypto futures was just approved by the government
Bakkt is an exchange for crypto futures, and it’s been created back in 2018. Less than a year later, it managed to win regulatory approval from
Businesses started to accept crypto payments
A few years ago, Bitcoin used to be accepted only by enthusiastic individuals. Today, you can pay with Bitcoins at Starbucks. Apple, Microsoft, McDonald’s, and Tesla, and more than 75,000 retailers on Shopify, are seeing BTC as a legit method of payment.
Also, it’s important to note that earlier this year, Coinbase and Visa made an important move towards mass adoption.