Current Cryptocurrency Market Rally: Boom or Bubble?
There is a lot of discussion happening around the cryptocurrency sphere nowadays. This is primarily because of the unprecedented momentum the crypto domain has achieved in 2021. The global economic meltdown caused by the Covid-19 pandemic has put the focus back on the utility of digital coins as digital coins can hedge against the inflationary characteristic of fiat currencies. The rise in the value of digital coins is also fueled by their mainstream adoption, with many big corporate houses such as Tesla, Microsoft, and AT&T have now started accepting Bitcoin as a legitimate payment method for making transactions on their platforms.
Recent times have also witnessed a considerable rise in the prices of all major cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and XRP, among others. The overall capitalization of cryptocurrency has reached its new high, and buoyed by the response, we are witnessing many prospective investors taking a plunge into transactions of digital coins like never before. The growth of the cryptocurrency segment has taken many by surprise. By looking at the comments of experts cutting across the industries and business domains, it can easily be ascertained that nobody had seen this coming.
About the future growth scenario, cryptocurrency specialist is relying on the mainstream adoption of digital coins to power their next wave of growth. Cryptocurrencies need to have a solid user base among the masses so that their day-to-day applications can be enhanced practically. Rather than being only limited to investors and cryptocurrency exchanges, the real revolution can only be sparked when the general public starts using digital coins for their daily purchases. The task is ambitious though it’s worth the effort.
Not all seem to be on the same page when it comes to accepting the utility of digital coins in today’s modern economic system. For instance, the comment made by the comedian Bill Maher declared that the whole concept of cryptocurrency is a joke while specifically pointing out Dogecoin in his sarcastic remarks. According to the Bill, although the current economic system is not a perfect one, it’s still a real one, unlike a financial system based on cryptocurrency.
Starkly contrasting to Bill’s remarks, we have more and more corporate houses coming up with a positive statement about adopting Bitcoin and other cryptocurrencies on their platform. The chief executive officer of eBay has now hinted that the organization is actively exploring the opportunities through which integration of cryptocurrency payments can be made on their platform. According to the company’s sources, deliberations are going on to find out how digital coin usage can be incorporated, and they are upbeat about the utility of digital currency in the future.
Summarily, the overall attitude about the adoption of cryptocurrencies among corporate houses is largely positive. Specifically, after the adoption has been made by the large tech companies, other organizations are also coming forward to spread the adoption of digital coin among the prospective users and general public. In the coming times, if the cryptocurrency segment can maintain its privacy and high safety, it is sure to find favor with the larger portion of the global population.