Pundits of cryptocurrencies and Bitcoin supporters alike all agree, that the biggest barrier to adoption is mainstream acceptance. It won’t be until crypto achieves VISA-level penetration that the asset class has a chance to replace cash.
But how fast does that happen if VISA themselves fully embrace the emerging asset class? Following the payments giant crediting Bitcoin for the birth of digital currencies and a pledge of support, we may soon find out.
Positive Momentum Building For Cryptocurrency Adoption Breakout Into Mainstream Finance
Although it is not reflected in the boring and stagnant price action, things could not be more positive for Bitcoin right now.
The cryptocurrency had a “no such thing as bad publicity” moment recently with a high-profile Twitter hack. Scammers hacked the accounts of Kanye and Kim Kardashian West, Joe Biden, Elon Musk, and several others to promote a Bitcoin giveaway scam.
Price action didn’t even flinch, and the crypto asset simply gained tons of exposure to over 300 million followers.
Related Reading | How Will Crypto Respond To Its Biggest Listing Yet? The United States
Just this week, the United States Office of the Comptroller of the Currency clarified its stance that all national banks could custody crypto assets for their customers. Not only is this essentially Bitcoin’s biggest listing ever, but it paves the way for banks supporting an eventual digital dollar.
Weeks ago, rumors that adoption could soon pick up further if rumors that PayPal and Venmo would offer crypto services come true. According to recent updates that the firm chose Paxos to supply the infrastructure adds credence to the claims.
The exposure of crypto assets like Bitcoin to the brand’s booming user base would do wonders for adoption, but not nearly as much as a major payments powerhouse “advancing its approach to digital currencies.”