Remember when Facebook was a new thing? I remember being a freshman in college and all my friends wanted me to join so they could add me as their ‘friend’. Back in 2005, Facebook had around the same amount of monthly users as the whole of Cryptocurrencies have now, around 5 million.
Now cryptos are a whole different game. No one is trying to convince you to put your hard earned money into this internet currency right now. Let alone use it as a method of payment for goods and services. We are still in the early stages of the hundredth monkey, where people don’t want to deplete their brain juices to try and understand the point of using crypto as an everyday thing. Until there is a mass of people using it practically and proving it’s worth, it may forever stay a fad.
We may not see the point in investing into internet money right now but a lot of financial institutions are definitely seeing the potential in it. Numbers never lie.
Just this year the total market capitalization of all cryptocurrencies went from $17 billion in January to an all time high of $177 billion in early September. That’s the biggest growth since the inception of Bitcoin.
To put things in perspective, Bill Gates has a net worth of $86 Billion, Apple stands at $730 Billion. The total amount of money (USD) in circulation is around $1.5 Trillion and $83.6 Trillion is all the money in the world.
Just Bitcoin’s total market cap is $69 billion while Paypal is at $70 billion. Does this feel like the cards are changing hands? Logic and reason will stand over the old and outdated. The same way we get our news now from the internet instead of the newspaper or TV, blockchain technologies will be an intrinsic part of our everyday life transactions. Whether we see it coming or not. It will squeeze itself into our lives the same way Facebook did 12 years ago. The hundredth monkey may not buy a pizza for 10000 BTC or drugs off the internet, maybe selfless acts might do the trick.
How’s this for a start towards mass adoptions?