Adoption

Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.

Payment giants including PayPal, Visa and MasterCard are more than determined at driving mainstream adoption of blockchain technology and digital currencies to the next level. It's as if these companies are competing to see who will offer the best alternative as far as making payments and transactions using cryptocurrencies is concerned.

Digital wallets have been here for decades but its adoption and use has grown by about 70% during the Coronavirus plague era and expected to double this figure by 2025.

After the enormous price rally, the demand for Bitcoin seems to largely exceed its supply. This might bring the flagship cryptocurrency to a long-term bullish trend with new all-time highs.

When Bitcoin first stepped in the United Kingdom, it was sluggishly welcomed with two hands and people. At first the citizens were reluctant about learning or using Bitcoin since it was still a new technology. But now, the trend of cryptocurrency adoption seems to be growing.

Despite blockchain technology being nascent, it has already seen wide adoption in various fields outside cryptocurrency. The pharmaceutical industry is currently exploring the tech to improve its performance and add value.

Institutional investors have been redundant to make risky investments like cryptocurrency. But following the widespread embracement and adoption of digital investments including Bitcoin (BTC), investors have significantly developed an interest in this nascent kind of assets.

The wave of cryptocurrency adoption in Africa seems to be gaining much traction. So far there are more than 725 million smartphone subscribers in Africa, as per the data by GSM Association, and this means more people in the continent have easy access to cryptocurrency if they so wish or if they develop interest in it.

It looks like there will be massive adoption of cryptocurrency in 2021 as the COVID-19 pandemic forces people to turn to digital assets. This nascent industry offers great opportunities for gaining profits.