Global adoption of bitcoin is expected to increase significantly further by 2030 according to Blockware, an infrastructure provider for blockchain technologies. The prediction is not surprising after the recent growth of cryptocurrencies. Meanwhile, experts believe businesses are bracing for the influx of cryptocurrencies with the proposed Lummis-Gillibrand bill.
Digging up cryptophoria
Blockware Solutions released a report titled “Bitcoin User Adoption” predicting global crypto adoption rates. The report mentions these predictions using the adoption cycles of nine previous disruptive technologies.
The previous nine cycles of these technologies relate to the automobile, radio, landline telephone, electric power, smartphone, tablet, mobile phone, Internet and social media.
The report stated,
“We believe Bitcoin adoption will reach saturation faster than many of these technologies for the following reasons: direct monetary incentives to adopt, macro environment end game, and adoption growth rails being the internet; and the most efficient state of information dissemination ever achieved on the Internet.
As previously reported, new data suggests that four out of five U.S. retail businesses expect digital currency payments within the next five years. They also believe that vendors will accept payment in stablecoins and cryptocurrencies. There is a high overall expectation for the influx of crypto into US retail markets in the coming years.
Do not wait !
Rob Massey, Partner and Global Tax Leader at Deloitte and Touche, recently interviewed with Yahoo finance. He was particularly pleased with companies that said, “There are requests from customers; the company wants to move forward. Massey believes companies don’t want to be left behind and “want to do it now”.
Massey and other experts believe companies view NFTs as more than just financial digital assets. They view NFTs as smart contracts that enhance business activities using programmable money.
“With NFTs governing intellectual property rights, we could imagine a world where tokens are used to access and pay for the use of songs. These tokens then facilitate a near real-time distribution of revenue among all parties that own the rights to that song,” he concludes.
The recent proposal of the Lummis-Gillibrand bill has further raised hopes for a regulatory framework. Massey and others also believe there will be a spike in adoption after greater regulatory clarity.
“We should be talking about doing business differently with programmable money,” Massey said. “Once it’s normal, that’s when we really see people engage. It is not for investment. It’s just instead of having money in your wallet, isn’t it? »