• According to Bittrex Global CEO, cryptocurrency is no longer in its early stages of adoption

  • The crypto industry began with the launch of Bitcoin in 2009, and has since blossomed into a thriving industry filled with a wide range of assets and blockchain-based solutions. According to Bittrex Global CEO Stephen Stonberg, the sector is no longer in its infancy.

    “I believe we have passed the stage of crypto early adoption,” Stonberg told us, adding:

    “Crypto has now entered the mainstream. In both developed and developing countries, we have double-digit percentage adoption. We even have Bitcoin as legal tender in one country, and many other countries are considering doing the same.”

    El Salvador’s government officially approved Bitcoin (BTC) in June 2021, making the asset legal tender throughout the country. The BTC green light in El Salvador means that businesses in the region must accept the asset as a form of payment.

    “At the commercial level, we are also seeing significant changes,” Stonberg said, citing recent crypto-friendly developments from AMC and Venmo as examples. AMC moviegoers should be able to pay for their tickets in Bitcoin by 2022 if all goes according to the theater chain’s plans. Users of the Venmo credit card now have the option of converting cash back rewards directly into crypto assets, thanks to a new feature recently announced by Venmo. Stonberg described the AMC and Venmo developments as “both significant moves within the larger, mainstream market.”

    “From a retail standpoint, we’re seeing a surge in cryptocurrency adoption globally,” Stonberg explained. He continued, saying:

    “Bitcoin adoption was in the double digits in many developing countries, but it has now increased from the single digits to the double digits in the United States. What is more intriguing is the growth and acceleration of institutional adoption of cryptocurrencies. Almost every major institution has invested in or plans to invest in cryptocurrencies.”

    Bitcoin has become a much more popular investment, with a number of large corporations, including Microstrategy, putting money into the asset.

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