Crypto bull markets are the primary time when adoption peaks, but crypto winter is not slowing down global adoption as well. We are currently more than 60% down in market cap, and there are no short-term signs of recovery. The current economic and geopolitical scenario also makes things worse. So many companies have also gone bankrupt recently, with investors losing millions of dollars. Still, global crypto adoption hasn’t stopped or slowed down.
Crypto winter is not slowing down global adoption
The crypto market has fallen, but the crash is still not as much as what happened in the previous bear markets. More importantly, a lot of things are different this time around. We have more regulations in place, and at the same time, entire countries are adopting cryptocurrencies. Just recently, the Bank of Russia announced that they plan to legalize the use of crypto as a payment medium across borders. Other than this, the IMF has also said that crypto serves as a better hedge against weaker currencies.
A lot of well-known personalities are also very vocal about their positive opinion of Bitcoin. Take Michael Saylor, CEO of Microstrategy, as an example, who has time and again talked about holding Bitcoin forever. He also left his position as a CEO to focus on the company’s Bitcoin strategy. Robert Kiyosaki, the author of Rich Dad Poor Dad, also said that this is the time to invest in hard assets like Bitcoin, Silver, and Gold.
If we also look at some numbers, we can see crypto adoption has been rising steadily. The transaction volumes are rising by €1 billion every month. In the first half of 2022, we have already seen €5.6 billion being processed by the crypto payment ecosystem.
The bear market will pass
The previous bear market has taught us that it is a temporary phase and will pass. We will see new highs, and adoption will continue to happen. Crypto adoption is at a point where the internet was present back in 1998. So, we can only be positive about its future.
What are your thoughts as data shows that crypto winter is not slowing down global adoption? And do you think crypto will rise again during the next Bitcoin halving? Let us know in the comments below. And, if you found your content informative, do share it with your family and friends.
Also Read: Binance will soon remove USDC trading pair to boost BUSD adoption.
