Impact of Crypto Adoption: Experts Fear Bitcoin (BTC) May Devalue US Dollars

Recently there has been so much emphasis on adoption in the crypto space, more institutions, individuals, and communities are embracing the digital assets.

A recent report from the Cambridge Center for Alternative Finance (CCAF) revealed that the number of verified users of cryptocurrencies almost doubled in the first three quarters of the year, from 18 million to 35 million users. This is an indication of an increase in the interest of the public to use cryptocurrency, which will most likely make a way out of the bearish market. Financial experts and economists fear what effect this massive adoption could have on the ruling fiat currency, US dollars.

Bitcoin, the number one cryptocurrency is the head of the string that pulls the whole digital assets, others go down as it goes down and rise vice versa. Considering the huge interest of mega-companies like Facebook, Wallmart, IBM, Amazon, and others, there is likely going to be rapid adoption of the cryptos, by institutional investors.

A recent entrant is a giant Russian company, VKontakte (VK) which is the most popular social media in Russia, now set to create its own cryptocurrency. The company is configuring a project that involves the creation of individual users account and accumulation of cryptocurrency to all users in the network.

A major method that has skyrocketed crypto adoption is making crypto payment options available through various platforms and making the process of buying and selling digital assets, easier. Some countries like Argentina are increasing the promotion of cryptocurrency to reduce the demand for dollars.

Crypto adoption seems to be the easiest way to usurp power from the American dollar. Asians had early awareness to embrace the cryptocurrency, before the other countries of the world. About 50% of the world’s major bitcoin mining pools are all located in China. Asian government observed crypto as the future currency that would rule the world instead of the US dollars.

While America is still criticizing the digital assets, Asia is taking the lead in blockchain technology and attaining higher growth in the crypto industry.