Bitcoin (BTC: 39,500) has been going through a crazy time in the last few weeks as it reached new heights and growing tremendously; it currently sits at over $39,000 for a single Bitcoin at the time of this writing. Finance news has been flooded with news on cryptocurrencies like the fear of when the Bitcoin bubble will pop or the programmer in San Francisco about to lose more than $200 million worth of Bitcoin.
With so much cryptocurrency news flooding mainstream media, it’s impossible for banks and governments to ignore it any further and to ignore the effects it has on the people.
The economic depression has caused people to look for alternative solutions like with Patrick Hughes, a New York businessman, who has put up his two bars for sale for either 25 Bitcoin or 800 Ether, which, at the time of this writing, is about $968,000. Hughes said the reason he’s selling his bars due to the current economic situation and he hopes “…to catch one of those crypto dudes who always wanted to own a bar.”
— Varney & Co. (@Varneyco) January 13, 2021
If this sale does happen, it would be a major event as a bar has never been sold using cryptocurrency before and could set a new precedent.
Where We Are Now
It isn’t that surprising small business owners like Patrick Hughes is going the route of cryptocurrency as a way to stay afloat. Charles Cascarilla, CEO of Paxos Trust Company a company that specializes in cryptocurrency infrastructure, said that “…more and more people look at crypto as a monetary instrument. We’re really at a tipping point of its acceptance.”
I just want my damn stimulus check so I can eat. #StimulusChecksNOW
— Resist! (@SDSunchaser) January 15, 2021
Everyday Americans feel the squeeze and the disconnect between the stock market’s success and the financial realities they face every single day, and with this newfound interest, new conversations are occurring where people ask whether the American financial system is truly helping people.
Cryptocurrency is building credibility as digital financial are steadily gaining ground internationally.
Since 2015, Nigeria’s currency, the Naria, lost more than 50% of its total value against the American dollar, plus a lot of Nigerians don’t have bank accounts. This has lead to the rise of alternative currencies and payment methods within Nigeria and starts up like Chipper Cash have popped up to provide African nations with no-fee P2P payment service and the ability to trade bitcoin.
Sebastian Villanueva manages the Chilean branch of Satoshitango, a crypto exchange site, and he states in Chile many people and businesses lack access to a bank and the instability of the Chilean peso causes people to adopt cryptocurrency. He states that “people just want a safe way to store money, and there are no gatekeepers in crypto.”
— Cointelegraph (@Cointelegraph) October 28, 2020
Even former crypto critic, JP Morgan, rolled out its digital currency, the JPM Coin, as a way to send money international quickly and efficiently. Negative perception towards cryptocurrencies is changing, and with these current events, I think it’s only a matter of time before it becomes widely accept and more common.
So, what do you think about cryptocurrency being accepted in the mainstream? What do you are the pros and cons? And when will cryptocurrency be as common as fiat currency? I’d love to hear what you have to say.