It’s no exaggeration to say that Bitcoin’s birth back in 2009 and the consequent development of the crypto industry caused fundamental transformations in the global financial landscape.
They proposed an innovative system for transferring value that doesn’t require the involvement of third parties and banking institutions in any way.
By doing so, they challenged existing monetary policies and made the whole world aware that it’s possible to carve new paths in the intricate financial sphere where advanced technologies can help us break free from the many shortcomings and limitations of traditional finance.
They painted an alluring picture of economic freedom and instilled hopes for fairer and more equitable financial dynamics in the future.
Although cryptocurrencies weren’t met with much enthusiasm, they grew and flourished, and as time went by, people have come to trust and embrace them more and more.
And so, we’ve reached a stage in crypto’s evolution where anyone can quickly learn where to buy Bitcoin and become an active participant in the crypto market.
However, not everyone rushes to join in or supports the presence of digital currencies.
In fact, many are adamant that crypto needs to go away and would like nothing better than to see the entire industry vanish into thin air.
But as strong as their aversion may be, a scenario where digital currencies are erased from the world’s financial map is highly improbable.
Despite all the challenges and criticism crypto has faced since its emergence, the odds tilt in its favor and tell of a bright and promising future.
This is not just wishful thinking or an overly optimistic prediction on the potential trajectory of cryptocurrencies but a sensible outlook based on hard data and evidence.
An irreversible upgrade
We’ve already briefly touched upon crypto’s transformative capacity and how it has managed to capture the minds and imagination of millions of people and organizations from all around the globe, but we need to expand on the commotion it has caused and the mark it has left in the collective mind.
Crypto comes packed with all sorts of innovative features such as decentralization, superior security, privacy, transparency, immutability, inclusion, and so on, something that fiat money cannot offer.
A large number of traders and investors have already experienced the benefits that come with these groundbreaking characteristics, and many have reaped considerable rewards.
Businesses and organizations have also started dabbling in crypto waters and found this novel asset class and its underlying technology to be quite useful.
For those who have been bitten by the crypto bug and enjoy its perks, the idea of losing access to digital currencies is simply inconceivable.
Their support and implication drive the market forward and ensure its long-term development.
Certainly, as with all things that are new and not yet mature enough, crypto has its flaws and drawbacks, but for many users, the pros far surpass the cons.
These assets may not have everyone convinced of their utility and value just yet, but the majority of people still like to have the option of using crypto if they decide on it.
Therefore, going back to a world where crypto doesn’t exist will inevitably feel like a limitation and a regression.
Institutional involvement
It’s not just retail traders and investors who have been charmed by crypto and decided to open up to the possibilities it offers.
More recently, large financial players have also entered the space, signaling a growing interest in crypto-based products at the global level.
2024 marked a historical milestone for the crypto industry, with the U.S. Securities and Exchange Commission granting the green light for the launch of several spot crypto exchange-traded funds (ETFs) tracking the live price of Bitcoin and Ethereum.
This allowed BlackRock, the world’s largest asset manager, and several other reputable firms to finally provide their clients with direct crypto expo in a safe and controlled environment.
The participation of established financial players in the crypto market serves as a huge legitimacy booster for cryptocurrencies and strengthens their position in the financial realm.
The metrics
If we look at statistical data, we can find no indication that people are losing interest in digital currencies or that the market is declining.
On the contrary, despite the natural ebb and flow of the crypto class, everything seems to suggest that the sector continues to develop at a sustained pace.
By the latest count, there are over 13,000 cryptocurrencies in existence currently, although some sources estimate the number to be closer to 20,000.
This shows that developers are busy creating new crypto projects that can meet the growing user demand.
Speaking of users, statistics also show that the number of crypto holders has increased by an estimated 40 million in the first half of 2024, amounting to a total of over 560 million crypto owners worldwide.
Moreover, despite the numerous hurdles in recent years, Bitcoin has hit a new all-time high of $99,655 this November, and the entire crypto market has pushed higher, reaching values that not many would have expected.
Final thoughts
There are no valid reasons to believe digital assets are in real danger of going extinct. Some may faulter and fail and the market might suffer abrupt downturns, but that’s not enough to cause their demise.
It’s therefore much more realistic to envision a future where crypto evolves and takes on different forms and functions from the ones it features today, than to bet on their complete disappearance.
Those who are in favor of cryptocurrencies can rest assured that these innovative assets will become a staple in the global financial system, and may even come to reach mainstream adoption at one point.
Those who oppose them, will just have to come to terms with the fact that digital currencies are going to stick around for a very long time, in one form or another.
About The Author
