Crypto has seen exponential growth since the start of Bitcoin in 2009. In a few years, the crypto space has seen rapid evolution and expansion, with crypto materializing in our gaming consoles, payment schemes, and potential investments. The growth of crypto from a small community to a global awe has certainly turned some heads; however, crypto is still met with much skepticism, which explains why many still have little consideration for it.
According to BitcoinCasinos.com, only 16% of the global population views crypto as the future of money. However, this figure is expected to change with predictions that crypto users will increase substantially as the market value constantly rises.
The site’s financial analyst Edith Reads comments,” Over the years, crypto has been met with cautious optimism and much skepticism. Investing in crypto is extremely risky, with huge gains and equally huge losses. However, we cannot deny that crypto has made a paradigm shift in the currency world, nearly changing every aspect of our lives. “
Why is the Crypto Acceptance Rate Low?
Crypto has received much backlash from governments, most of which associate crypto with crime and low tax returns. European nations exhibit a greater skepticism towards crypto, a behavior often mirrored in countries like Japan and South Korea. In these countries, crypto aligns with negative concepts such as scams and money laundering. The increased attention to private digital tokens has also caused nations to develop CBDCs to counter the crypto boom.
The crypto world is constantly changing, making gaining or losing money easy. The possibility of massive losses pushes away investors, who prefer less risky investments.
According to a recent survey, only 92% of respondents globally have heard of crypto, and many still don’t have a clear understanding of crypto. The familiarity with crypto concepts is still low, with Web3 standing at 24% and NFTs at 34%. Hence it’s absolutely necessary for people to understand crypto to see a future in it.
What Do We Expect in Crypto’s Future?
2022 saw a significant loss of about $2 trillion in crypto market value. The loss in market value has made crypto institutions consider working with more regulated and developed institutions to up their market stance.
The crypto space is to establish other decentralized systems, aiming for multi-chain ecosystems and advanced infrastructure.
The crypto industry is expanding at a massive scale. Crypto owners like Bitcoin are no longer digital novelties but trillion-dollar companies. In the months to come, crypto could see a significant rise in investors due to increased acceptance. Companies like PayPal and Tesla have begun including crypto into their payment schemes. Soon, many more will join and possibly cement crypto’s future.