Since its creation in 2008, its users have jointly dreamed of a goal: a globalization of Bitcoin and Blockchains. However, this has been a bit complex to achieve, which is why the world’s largest crypto influencers continue to debate the possibility of such a scenario. Therefore, the fundamental question of this debate centers on whether the mass adoption of Bitcoin is possible.
This December 7, the first day of laBITconf presentations was held. Where different topics of multiple degrees of knowledge of the crypto world took place. It was divided into a main stage and one for Latinos. In which high-level speakers discussed issues of high impact for the ecosystem.
Therefore, it is not a surprise that high-caliber members of the crypto world such as Diego Gutierrez Zaldivar, Erik Voorhees, Peter McCormack and Rodolfo Novak were in charge of answering the question of whether a mass adoption of Bitcoin is possible in society and in the global economy.
Mass adoption depends on mass awareness
Peter McCormack was in charge of starting this panel. Thus, his first words before this question of whether mass adoption is possible, set the tone for the discussion. “More than a matter of mass adaptation, there needs to be a massive awareness of Bitcoin. And this is something that we have already been observing ”.
His example of this growth of knowledge and mass adoption of Bitcoin in society was based on the fact that now, there is no individual who does not understand what Bitcoin is. Well, even in the most basic way, everyone knows what it is.
For Erik Voorhees, this massive adoption of Bitcoin consists of 3 states, the first being that of raising awareness in society. The second is a step that is still growing. Well, Voorhees considers that it is necessary for at least 1/3 of the world to have this type of digital currency.
Also, it is important that they accept it as a digital currency with a lot of value to invest. However, his hopes remain and he assures that in the next 5 years this second step will soon be completed.
The third step will be when Bitcoin becomes the world’s monetary standard, outperforming the dollar and any known monetary standard. That’s the true mass adoption that Voorhees considers. That is the final scenario to aim for.
Likewise, McCormack added that the possibility of Bitcoin users reaching 3 billion people was a dream scenario, but distant. In this way, he made the comparison that the one billion person has not yet been reached, but they aspire that this will be soon for the world of cryptocurrencies.
Adaptation goes beyond accepting Bitcoin, it is making it part of our daily functioning
Rodolfo Novak differed a bit from the other speakers and explained that his concept of adapting Bitcoin goes further. Well, for him, the possible mass adoption of cryptocurrency could be compared to the “like” button. A protocol of virtual technology that has now become part of the paradigm of society today.
And Novak ensures that Bitcoin should be adopted globally as well. Make it an inherent factor in our society.
In turn, Novak used the example of the gold standard, mentioning that gold stopped being used as a bargaining chip when fiat money appeared due to the improvements and efficiencies that this new system presented. Likewise, Bitcoin and cryptocurrencies must be for society.
In this way, he ensures that sooner or later the world will realize that Bitcoin is the next step to take in finance. Because it is what works most efficiently now.
It is worth mentioning that he explained that now the next step to take for Bitcoin to get closer and closer to this mass adoption is for the old colossus of the dollar to finally fall and allow the rise of the new finance champion.
The year 2021 will allow the frictions of the crypto ecosystem to diminish, giving way to the advances that are needed
After listening to the debate between the speakers regarding the future of Bitcoin, Diego Gutierrez explained that he already considers that the crypto ecosystem is a few steps away from ending all these frictions that the crypto world handles.
Thus, he explained that 2021 is the year where more progress will be seen in this area. And the growth of Bitcoin will be massive, leaving behind the friction with other cryptocurrencies.
In turn, he explained that these first steps will be the guarantors that in the future Bitcoin is balanced. And also adapted to global financial technology, in conjunction with the other cryptocurrencies of the ecosystem.
The institutionalization and regulation of cryptocurrencies and Bitcoin
One of the last hot topics that the speakers touched on was regarding the legislation of a standard. This is so that States and institutions have control over the rules that should govern Bitcoin and the crypto ecosystem. Preventing a possible mass adoption of Bitcoin.
McCormark started this point by explaining that many people still fear Bitcoin for its decentralized and non-physical characteristics. He explained that the first impact that new users take is that Bitcoin is not a currency that can be palpable. That is, it is not physical.
But precisely because of this, many do not understand the amount of benefits that this feature would bring to the world.
Likewise, he took advantage of and used the example of Argentina, saying that if in the country of the silver chimera, Bitcoin were the official currency, there would be neither inflation nor depreciation. Well, this cryptoactive does not allow those negative mechanisms.
However, he added that if this were to be formalized in countries such as the United States or the United Kingdom, a kind of institutionalization would be observed on the part of these states.
In turn, Erik supported Peter’s idea regarding institutionalization, asserting that in the US and Europe there is a kind of blind faith in institutions and a fervent confidence in the authority of government. And how money is the duty of the State.
In addition, there is a certain power that society gives to the dollar, since this legitimacy that government entities give it, gives individuals confidence in its value. Therefore, when presented with the opportunity to open up to Bitcoin, they prefer to dismiss it due to this lack of government approval.
Bitcoin is the last step of personal responsibility for your finances
Rodolfo Novak added that for him, people are afraid to fully adopt Bitcoin because it means challenging and completely changing human nature.
Well, he explained that people don’t like having to assume that their money and finances are intrinsically dependent on them, and the fact that a higher entity controls their money is something they like.
Therefore, you cannot force people to like this autonomy.
In turn, he explained that this transition from fiat money and the dollar to Bitcoin in a massive way could cause many people to end up hurting their finances in the worst way.
Since, understanding how to be autonomous with your finances and carry the weight of this responsibility is not something easy, and even the most popular of the crypto world have managed to handle it perfectly.
Finally, the fundamental thing about this whole matter is that, the day will come when people become aware of this sovereignty that Bitcoin allows. They will appreciate the value of controlling this responsibility and will realize that everyone has access to this, and it is free to choose.