Factors shaping the future of cryptocurrency
The crypto news has been in the headlines of financial news for its volatile market, high investment return, and its powerful impact on the industry. Since its implementation, it has been difficult for experts to predict its long-term effect. From regulation to institutional adoption, the implementation of cryptocurrencies like bitcoin, Ethereum has been debatable. However, things are changing as an increasing number of people are paying attention to digital currency prompting the major institutions to take it seriously. Over the period, cryptocurrency has proved itself as a reliable alternative to traditional currency transactions as it is not centralized. In cryptocurrency, individual ownership records are stored in a ledger called blockchain which exists in a form of a computerized database using strong cryptography to secure transaction records. Here of the factors that are pointing towards the triumphant future of crypto are as follow-
Mainstream institutions adoption-
Major names in the business world like Michael Saylor, CEO of MicroStrategy emphasized the value of cryptocurrency and went as far as calling it “superior to cash”. Acceptance from such well-known business influencers has a significant impact on the mindset of the general public.
The Tesla phenomenon-
Tesla has been one of the biggest promoters of cryptocurrencies. Tesla invested 1.5 billion in Bitcoin. The value of digital currency sores overnight, leading millions of people to invest in the same. Steps like the massive investment, becoming the ledger of meme-coin called Dogecoin, and including Bitcoin in his Twitter bio, Elon Musk has played a major role in promoting cryptocurrencies. The biggest names in the market trusting a bitcoin app created ripples in the world economy.
Paypal is one of the leading players in the fintech sector. The company played a massive role in simplifying money transactions across the world to achieve high goodwill in the eyes of the audience. Paypal’s feature offers customers to buy and make transactions with cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. They might even allow crypto transfer to the user’s personal wallet in the future.
Visa and Mastercard gives a green signal-
Two massive platforms used around the world are endorsing the use of the crypto coin. Visa has started to allow the transaction with stablecoins on Ethereum blockchain. Mastercard has also announced that its customers would be able to make crypto transactions in the near future.
Despite value fluctuations, these currencies have a potential future and might become an effective means of payment.
Employees salary payment will become easy
Payroll handling can be extremely challenging for remote employers, especially when the employees live across borders. Cryptocurrency provides the ease of instant transaction across countries with minimal cost. Hence, it is becoming very popular among big, and small businesses.
Crypto ensures transparency in crowdfunding and fundraising-
Crowdfunding assigned to a crypto wallet will keep the donation open to the public, thus ensuring transparency. It saves the third-party platform’s fees for the fundraisers making sure that the donor’s trust is not compromised.
Thus, cryptocurrency is here to stay and will continue to grow exponentially with time.