It has been about ten years since mass adoption became a subject of discussion in the cryptocurrency space. Nevertheless, there are several factors affecting the adoption of cryptocurrencies, while regulations seem to be the most critical.
A recent report published by the Federal Reserve Bank of Dallas noted that regulations should help cryptocurrency markets. Some people think cryptocurrency regulations at the moment are bringing down the space and making it unattractive to new adopters.
The cryptocurrency space currently needs thoughtful regulation, says Tyler and Cameron Winklevoss, joint founders of Gemini, on a recent podcast. According to Winklevoss, some kind of regulation is required for cryptocurrency to go mainstream; it is impossible for a market to prosper in the absence of some form of rules-based system which attempts the enhancement of good results. They also maintained that over-regulation is likewise not favorable.
On another note, Wall Street has been showing interest in cryptocurrency and one would wonder if cryptocurrency exchanges are critical to the promotion of the kind of adoption desired.
In recent times, JP Morgan started supporting Bitcoin Banking while Paul Tudor Jones invested in Bitcoin, thereby leading to the assertion by analysts that FOMO could be the basis of Wall Street’s interest in Bitcoin. However, whether that is the reason or not, the cryptocurrency space has seen notable changes with the contributions.
According to Tyler Winklevoss, things will improve through the collaboration between Bitcoin and Wall Street. He said the majority of Wall Street individuals are concerned about excessive printing of USD, and this is likewise the concern of the cryptocurrency market participants. He thinks that the entry of Wall Street with more individuals will turn things around for good.
Right now, many people are aware of the cryptocurrency space and the sustenance of the awareness could lead to massive adoption as soon as possible.