Cryptocurrencies reached a high adoption rate in 2021. Despite the sharp price fluctuations in 2022, we see that this adoption continues and large companies develop projects related to cryptocurrencies.
Although investors, who are only interested in the speculative side of the business, are disturbed by the decline in prices, the sector continues to reach wider segments.
Harold Bosse, vice president of new product development and innovation at global payments giant Mastercard, also spoke about the adoption of cryptocurrencies at a seminar he attended yesterday.
Despite the recent declines, Bosse, who remains optimistic about cryptocurrencies, said that there are some difficulties that prevent companies from entering the market, but that mass adoption of digital assets will occur sooner or later.
“There are millions of people using cryptocurrencies around the world today. They are early and new adopters. We will now move to the mass market, and the entry of financial institutions into this space will be a very significant advance in direction.
There are a number of challenges preventing companies from entering the crypto market. These are lack of understanding from senior management, business concerns about scalability, cost and speed.”
Expressing that people need to be more convinced to enter this area, Bosse stated that the crisis in Terra USD in the past weeks has dealt a serious blow to adoption.
Bosse likened crypto assets to the birth of the internet, saying:
“Think of the advent of the internet. No one thought Amazon could be a concept. You need internet for Amazon to work. We are in the same position. How can we transform people’s lives and reach people who are not thinking about blockchain but are thinking about business problems?”
Expressing that at this point, crypto should be invisible and work with the background, Bosse added:
“It has to become invisible. For people who don’t care about it, it should fade into the background. To be honest, my mom doesn’t care if it’s decentralized.”