The current bear market is causing all sorts of speculations to pop up in the crypto community. However, we must focus on several hugely important factors that were not present during other Bear Runs. The crypto industry saw many periods of stagnation and recession, but the current one is different thanks to the rate of crypto adoption by many countries and mega-corporations.
The list of companies that implemented blockchain and crypto is growing
Currently, over 50 different huge corporations decided to introduce NFTs, blockchain-based features, or crypto payments to their corporate infrastructures. While the list contains many entries, we need to focus on just several:
- Goldman Sachs, Fidelity Investments, BlackRock, and JPMorgan offer cryptocurrencies to retail traders or create BTC and ETH funds.
- FIFA, Nike, Reddit, META, Starbucks, and eBay are now allowing NFTs or use non-fungible tokens as accompanying accessories to their new products.
- Gucci, GameStop, McDonald’s, and Walmart will be accepting Bitcoin.
- We have seen Ukraine, Croatia, and Japan make huge moves toward adopting cryptocurrencies and implementing them in their monetary systems.
We are also seeing that many people in South America and governments like Iran recognize the power of cryptocurrencies. Peruvians and Venezuelans are investing in crypto and use local stablecoins as alternatives to Sol and Real respectively. Many people in SA are afraid that their fiat currencies will fall soon and that even the US dollar has its limits. Using crypto as a hedging mechanism against inflation and the global recession seems to be the best strategy in their eyes.
Iran is using crypto to avoid international sanctions and will purchase some imports with BTC and ETH. The same idea can be soon used by other countries that do not have access to USD or suffer from sanctions imposed by the western world.
Bitcoin is too big to fall and it won’t
Too many large corporations and governments are now involved in the crypto world. It is impossible to topple BTC now. The current crypto winter is just a symptom of the global recession. When it ends, we will see heights never seen before!