Cryptocurrencies have come a long way. They are no longer in their early stages. In 2021, we have seen how not only retail but institutional investors have been actively investing in cryptocurrencies. Also, the latest Coinbase report suggests that institutional investors are behind the meteoric rise in the popularity and market capitalization of DeFi.
In a recent interview with CoinTelegraph, Bittrex Global’s CEO Stephen Stoneberg explained: “The crypto industry began with Bitcoin’s launch in 2009, flowering into a bustling industry filled with many different assets and blockchain-based solutions in the years following. The sector, however, is no longer in its infancy.” according to Bittrex Global CEO Stephen Stonberg.
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries are considering adopting Bitcoin as legal tender.”
We have seen some interesting developments with several major payment services providers adding support for crypto. Also, this year we already have a Central American country, El Salvador, legalizing Bitcoin. All of it strongly indicates that the blockchain revolution is in its next phase.
“From a retail perspective, we’re seeing cryptocurrency adoption booming globally,” Stonberg explained.
“Bitcoin adoption in a lot of developing countries was in the double-digit percentages but has now also increased in the US from single-digit percentages to double digits. What’s more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in cryptocurrencies or plan to invest in cryptocurrencies,” he added.