Similar to 2017 and the popular cryptocurrency bull run, last year created a fresh buzz in the world of crypto and Bitcoin (BTC) particularly. From setting new all-time highs to making various news rounds and capturing mainstream finance’s attention, the pandemic year was exciting for cryptocurrency enthusiasts and believers.
One conversation that perhaps stands out amid the buzz is institutional investors’ increasing activity in crypto. Companies, financial advisers and institutions that mocked Bitcoin five years ago, or during the Silk Road saga, are now at the forefront of crypto investments. Notable big guns in finance such as JPMorgan and Goldman Sachs have reneged on their previous stances and are now willing to make a bet on the future of digital currencies. With a market capitalization of over $600 billion, Bitcoin is quickly rising ahead of gold as a popular choice of hedge over inflation.
Remember, Bitcoin was not just another asset proposed as a hedge against inflation in Satoshi’s original Bitcoins white paper. However, Bitcoin’s whole idea stemmed from the failed financial institutions and third parties and a possible solution that would be effective in everyday life.
Of course, with every institutional investor and the big guns of finance swinging into Bitcoin investment, Bitcoin’s popularization as an asset has become inevitable. However, here are some of the ideal, real-world applications that could challenge failing fiat currencies and propel Bitcoin into the mainstream.
In the past, Bitcoin was mostly perceived as a means to bypass the government and engage in illegal activities. However, crypto adoption has continued to soar tremendously, and many more companies are now open to accepting Bitcoin or some other cryptocurrencies as payment for goods or services.
In 2014, using BitPay as its payment processor, Microsoft became one of the…