The cryptocurrency market is currently on a high following its collective surge. Bitcoin recently breached the $8500 mark and the general sentiment around virtual assets is optimistic and positive.
However, the main objective of cryptocurrencies as a whole is to attain worldwide adoption, without which the market capitalization solely outlines the value of the asset, and not its usage.
Yoni Assia, eToro CEO and Co-founder, recently shed light on aspects which held significance for major adoption of Bitcoin and other virtual assets as a whole.
In an interview with Crypto Potato, Assia stated that there were two reasons why the adoption of crypto wasn’t moving as rapidly as expected by the community.
One of the key reasons was the aspect of utility, he said. Users around the world have very few options to do with Bitcoin, once they acquire the digital asset. They could either keep it as a store-of-value or conduct transactions in a peer to peer network.
“One of the first key usages I had with Bitcoin was to pay the developers that I found, in Bitcoin to actually code stuff around in crypto. Now that’s a great usage but it’s also kind of a niche usage since how many people need to send money overseas to people that they don’t know and who necessarily didn’t have bank accounts.”
He suggested that the industry was still very constricted, when compared to the entire payments industry or remittance industry. He believes Bitcoin needs to find more “utilities,” since they are an indication of good user experience, technology, and the product’s market fit.
The second reason, which Assia suggested was a major “barrier,” was that a large number of people did not have crypto. He highlighted that people had to get used to the idea of paying other people in crypto, in order to bring in more users in the industry.
“If more people have crypto, and there is a utility, whether it’s a micro utility something you can pay one cent of five cents on the internet on, cryptos will see more usage.”
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.