Bitcoin Adoption Will Certainly Grow Because of these 5 Macro Social/Economic Dynamics
Bitcoin has been growing in the last years thanks to early adopters and developers working around the project. However, Bitcoin could reach worldwide adoption during the next years. There are several macro factors that could clearly help drive adoption in the cryptocurrency world.
The first trend that we can distinguish is related to digitization. The world is moving towards a digitized economy and social life. What in the past required papers, nowadays can be done through a computer, mobile phone or any other digital device.
Bitcoin adoption could be closely related to the process of digitizing everything. So, hyperdigitalization may trigger an hyperbitcoinization. It is important to mark that Bitcoin will be benefited since it was the first mover, and it has clearly proven to be reliable.
The second trend is related to monetary crisis that some emerging countries are living. For example, Argentina, Venezuela, Zimbabwe and Turkey have shown that Bitcoin can be much more stable than a national currency. In Venezuela and Zimbabwe, citizens have experienced hyperinflation and saw how their savings were evaporating.
In Turkey and Argentina, when their respective currencies started to plummet in the last months, LocalBitcoins and other platforms saw an increased volume.
Increased corruption will also be pushing individuals towards virtual currencies and Bitcoin. As governments take measures that do not benefit the general population, at some point, citizens would start to use Bitcoin.
The famous virtual currency would let them escape from corruption and bureaucrats that do not help the country.
Millennials would also start embracing Bitcoin. There are many different surveys that show that millennials are much more open towards Bitcoin than other social groups. Younger groups have a different view about the world and how things should work.
As millennials were born with smartphones, computers and a digitized world, they could have a more positive view about cryptocurrencies.
Finally, privacy is a very important issue. Governments are increasingly trying to know everything about their citizens. Cryptocurrencies could be used by the population as a way to escape from this surveillance.
Bitcoin is not the most private coin in the market, but there are other virtual currencies such as Monero (XMR) that offer increased privacy features.
Cryptocurrencies will continue to grow in the future. There are many different macro factors that push individuals towards virtual currencies. Nonetheless, these changes can take several years to be noticed.