How Crypto Adoption can Accelerate Global Economy
If you are in the crypto space for about 4-5 years then I am quite sure that you have witnessed 2 bull run cycles and significant growth of the entire ecosystem. The first crypto bull I had witnessed was in late 2017 when the bitcoin price was at 20k USD approx and in the second one, it reached around 70k USD. This was the year 2021 and now in 2022, the current bitcoin price is moving around 35-40k USD. We are in a bearish market and we have seen the prices kind of stable around the 35-45k range however there have been instances when it crossed the 50k mark as well.
When I entered in crypto at that time it was just an instrument that is for the investing and bag returns when there is an appreciation in price. It was the time when there was no reward holding anything and even no DeFi was introduced but now things have grown a lot and it has opened the doors of opportunity for everyone in crypto. Now even with the stake, we can earn a reward and this is so good because we can earn passive income for doing nothing. These are some of the benefits that are available for everyone in crypto and with stake, we can surely become part of it but I find some other reasons that are good enough to Accelerate Global Economy if a regulated crypto-friendly environment is provided.
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Global crypto adoption was too fast during the second bull and it's slow now because of regulatory restrictions. It's expected that when more countries start thinking positively about crypto and bring positive regulation for this then this adoption rate will grow. Bringing ease to crypto-related companies and products will encourage more investors to chime and this will result in an increase in revenue for the government. This will also enable more exchanges to invest in various countries and that would be another addition to the growth of the economy of any country.
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Crypto is a new asset class that is no less than any other assets like stocks and gold etc. Technology is evolving and because of this the mode of investment is also required to upgrade and now new investors are looking for better ways to invest. The traditional stock market has been working the same way for a long and there is a limitation on working hours but here in crypto there is no such restriction and this runs round the clock. This gives more convenience to investors and this is another reason that people like to enter crypto and because of technological advancement, we can trade on global exchanges which is not easy in other segments.
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Even govt can allow the banks to adopt crypto because the traditional banking system is not doing well and they need serious change to make it good and lucrative. It's because ow people like to own the money which the current system does not provide. If banks are crypto-friendly then it will make them earn more and banks play a vital role in the growth of the economy.
- Blockchain and crypto is getting involved in social media and the recent Twitter deal is a good example. In the future, we can see much more action in this and probably more social media platforms will adopt crypto and web3 is going to be the new form of the internet. All of this together will increase the use of crypto and make it more popular.
The crypto ecosystem is growing and there is a lot to come so it's high time when countries need to make a positive move toward crypto and this will help them grow the economy in various ways.
Thank you.
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