Cryptocurrencies have been trending in the last decade, but their popularity has increased significantly in recent years. What started as a simple investment alternative is now being discussed as a viable option for investors to add to their portfolios and even retirement plans.
Many markets and industries have changed in the last two years, primarily because of all the technological advancements and inventions that have been taking place. From online casino games to how platforms now process transactions, technology has left no stone unturned. But aside from just technology and its influence, other factors have contributed to making cryptocurrency as popular as it is today. For a deeper look into this, you can keep reading for more.
The 6 Reasons
News On Price Gains Have Spread
It’s always been known that investors are all about chasing performance. When Bitcoin was still new, it was the only cryptocurrency that was known and making waves at the time. And while we can acknowledge its rapid growth during that time, it was still regarded as something like a fringe investment, as it was too speculative at the time.
However, in recent years, Bitcoin’s surge became undeniable, and thanks to exchanges taking steps to become public companies, access to crypto investments became widespread, and so did the word on surging crypto prices.
More Brokers Offering Cryptocurrency
In recent years, the popularity of cryptocurrency has increased primarily because of its accessibility. At first, crypto trading was available only on a few online platforms; however, more brokers now offer crypto trading. As a result, cryptocurrencies have become more popular thanks to the added access that investors now have to an asset class.
El Salvador Accepting Bitcoin As Legal Tender
One of the reasons why cryptocurrency struggled to become as widespread as it is today was because of how it was rejected by various governments around the world. However, in September 2021, El Salvador took to becoming the first country in the world to embrace Bitcoin as a legal tender.
The change didn’t make much of a difference in the context of what it could do in the global economy. Still, bullish investors are hopeful that this will be a positive step in the long line of other countries that will accept cryptocurrency. El Salvador’s move was undoubtedly historic as it got the attention of some investors still waiting for more legitimacy before they can finally invest in digital currency.
Merchants Accepting Cryptos As A Credible Payment Option
Many investors are still reluctant to invest in cryptocurrency because they believe it still has limited utility in the real world. However, this perception has changed in recent years as merchants around the globe are starting to accept cryptos as payment options.
Crypto wallets make it easier for transactions to take place now, especially since payment apps like Apple Pay and Google Pay are becoming more mainstream. This attracts investors and those who want to use cryptos as assets rather than investments to invest in cryptocurrency.
Governments Putting Thought On Digital Currencies
Although most governments are still fighting against the rise of various cryptocurrencies, it doesn’t mean they aren’t interested in the actual concept of digital currency.
The Rise Of The Metaverse And Blockchain
If practical applications can begin using cryptocurrency more, this will help increase the digital currency’s popularity. In the last two years, blockchain management and the metaverse have become a growing and legitimate industry.
From mortgages and banking to investments and auto loans, even though the metaverse is still in its early stages, it has the potential to launch a virtual parallel universe that’ll share similar financial transactions as what goes on in the real world.
Cryptocurrency currently has the power to fuel the metaverse. Therefore, if it can thrive, crypto will likely gain more acceptance, and one tech giant that’s undoubtedly banking on this success is Mark Zuckerberg.
