TL;DR Breakdown
- Andrey Sergeenkov says real-world use cases would boost Bitcoin adoption.
- Bitcoin is now being used to hedge against inflation.
Famous crypto trader and journalist Andrey Sergeenkov thinks that Bitcoin adoption would be driven by real-world use cases and not institutional investors. He made this known in a recent article he wrote on Cointelegraph.
According to him, big businesses that had earlier mocked the crypto industry are now backtracking on their previous stance and making inroads into the field. He cited the example of JPMorgan and Goldman Sachs, who had earlier called the crypto space names but are now more than willing to bet on the future of digital assets.
He also noted that Bitcoin is steadily becoming the option for investors looking to hedge against inflation. In previous times, gold was the asset most investors chose to help protect them against the rising inflation; however, Bitcoin has grown to be a viable asset.
Sergeenkov added that the current Bitcoin adoption rate has made some companies accept the coin and other crypto-assets as payment for goods or services. The erroneous belief that Bitcoin could only be used to bypass Government interference and sponsor illegal activities has given way to the belief in the asset by companies who now use it for their transactions.
Digitalization needs propelling Bitcoin adoption
In the article, the crypto-journalist pointed out that the increasing need for digitalization in the world, especially in the wake of the pandemic, has driven Bitcoin adoption.
According to Sergeenkov, while there are several ways for people to send and receive money across the world, the use of crypto assets has become an increasingly attractive option. He noted that the speed, the ease, and the cheaper transaction fees had made these digital assets a popular option for these international transactions.
The number of Bitcoin ATMs in the world has increased over the past year. Presently, there are over 10,000 Bitcoin ATMs in 71 countries. This is bound to increase over time.
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