The cryptocurrency market, as we all know is very volatile. What seems permanent now can change the very next moment. There has been an 18% drop since May 20. Even though investors are reluctant to invest in crypto right now, there is evidence enough to prove that the future is bright for cryptocurrencies and blockchain technology.
Blockchain technology is beginning to get a lot of attention from major fortune 500 companies. As per a report published by Outlier ventures, more than 280 companies are conducting extensive research on the new technology. The UK firm also listed names of companies like IBM, Amazon, Boeing, and Western Union who are conducting research.
The very fact that major organizations are considering turning to blockchain and cryptocurrency is a huge achievement for the technology which is yet to gain acceptance by the government and ruling authorities of some countries.
Even though initial coin offerings (ICO) have raised awareness on cryptocurrencies, they have also been a platform for fraudsters and terrorists to steal from honest investors and perform illegal activities respectively.
According to a recent survey, 20% of all ICO’s that exist are scams which mean that there is a need for higher regulation by SEC and other regulators. If this is done, venture capital and institutional investors will be encouraged to participate, thereby helping in the overall acceleration and growth of cryptocurrencies.
Adoption of more crypto tokens
More and more investors are investing and adopting Bitcoin. The data from BitInfoCharts reveal that Bitcoin and Ethereum wallets have increased considerably. Moreover, as per a survey conducted by Finder, more than 16.3 million Americans own some cryptocurrencies or the other. This is very interesting as the figure comprises a little more than 8% of America’s population.
Lendingblock too conducted a survey in March 2018 and found that 55% of the participants were of the opinion that retail stores will sell cryptos in the next seven years.
This goes to prove that blockchain technology is here to stay and cryptocurrency will be the new fiat currency in the decades to come.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]