Bittrex Global’s CEO Stephen Stonberg has given his opinion on how well the crypto space has evolved over the years in terms of adoption, he believes the days of early adoption are over.
The crypto sector began with the debut of Bitcoin in 2009 and has since blossomed into a thriving industry with a wide range of assets and blockchain-based solutions. According to Bittrex Global CEO Stephen Stonberg, the industry is no longer in its infancy.
Stonberg told Cointelegraph, “I think we’re already over the point of crypto early acceptance.”
“Crypto has now gone mainstream. We have double-digit percentage adoption in both developed and developing countries. We even have Bitcoin adopted as legal tender in a country and many other countries considering adopting Bitcoin as legal tender.”
El Salvador’s government approved Bitcoin (BTC) in June 2021, making it legal tender throughout the country. Businesses in El Salvador must accept BTC as a form of payment now that the asset has been given the green light.
“We are also witnessing major shifts at the commercial level,” Stonberg said, citing recent crypto-friendly initiatives 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 theatre chain’s expectations.
Thanks to a new feature recently announced by Venmo, users of the Venmo credit card now have the option of placing cashback incentives straight into crypto assets. The AMC and Venmo developments, according to Stonberg, are “both big shifts within the larger, mainstream market.”
Stonberg explained, “From a retail viewpoint, we’re seeing cryptocurrency adoption exploding globally.” He continued, “
“Bitcoin adoption in a lot of developing countries was in the double-digit percentages but has now also increased in the US from single-digit percentages to double digits. What’s more interesting to see is the growth and acceleration of institutional adoption of cryptocurrencies. Almost all major institutions have invested in cryptocurrencies or plan to invest in cryptocurrencies.”
Bitcoin has become a considerably more popular investment, with a number of large corporations, including Microstrategy, investing in the asset.
