According to Bittrex Global CEO, crypto is no longer in its early stages of adoption.
The CEO of Bittrex Global discusses where the crypto industry stands in terms of adoption.
The crypto sector began with the debut of Bitcoin in 2009, and has since blossomed into a thriving industry with a wide range of assets and blockchain-based solutions.
According to Bittrex Global CEO Stephen Stonberg, the industry is no longer in its infancy.
“I believe we've passed the moment of early crypto adoption,” Stonberg remarked, adding:
“Crypto has officially entered the mainstream.
In both industrialized and developing countries, we have double-digit percentage adoption.
We even have a country that has adopted Bitcoin as legal cash, and many other countries are considering doing so.”
El Salvador's government approved Bitcoin (BTC) in June 2021, making it legal tender throughout the country.
Businesses in El Salvador must accept BTC as a form of payment now that the asset has been given the green light.
“We are also witnessing major shifts at the commercial level,” Stonberg said, citing recent crypto-friendly initiatives from AMC and Venmo as examples. AMC moviegoers should be able to pay for their tickets in Bitcoin by 2022, if all goes according to the theater chain's expectations.
Thanks to a new feature recently announced by Venmo, users of the Venmo credit card now have the option of placing cash back incentives straight into crypto assets.
The AMC and Venmo developments, according to Stonberg, are "important advances within the bigger, mainstream market."
Stonberg explained, "From a retail viewpoint, we're seeing cryptocurrency adoption exploding globally."
He continued, "
“Bitcoin adoption was in the double digits in many underdeveloped nations, but it has suddenly jumped from single digits to double digits in the United States. The increase and acceleration of institutional use of cryptocurrencies is more interesting to watch. Almost all major financial institutions have invested in cryptocurrencies or plan to do so.”
Bitcoin has become a considerably more popular investment, with a number of large corporations, including Microstrategy, investing in the asset.