Capgemini Research Institute is behind the new study that about 45% of people will use crypto as payment in 2023. The possibility is true, and some of the reasons as to why are as follows:
The Collapse of the Us Dollar
Cryptocurrency is on a fast-rising scale. As of now, so many people are aware of the upcoming economic crash. Many investors and traders in stocks and forex markets mention this several times, for example, Warren Buffet. It is no secret that the US Dollar is losing value due to a limitless supply; Biden is simply printing the dollar, which will cause inflation.
Economic Transition
The economy is going through a gradual process of transition that usually occurs after a decade or a global pandemic. Right now, the current economy is in shambles, merely hanging by a thread. The 2020 pandemic forced people to look for new ways to supplement income or earn a living. Many people fell into cryptocurrency, which made many millionaires. An economic change usually occurs with the invention of new technology, leading to a new era, for example, the dot.com era. The new technology in this transition is cryptocurrency, which is also a form of currency; therefore, the technology is powerful.
Anonymous Free Secure Transactions
People are tired of intermediaries and central systems controlling transactions. Intermediaries, in this case, are banks and governments, the central systems. Transactions are not anonymous because of the central agencies. Cryptocurrency involves the peer-to-peer transfer of currency using public and private ids.
Cryptocurrency Awareness
Many people have access to the internet, unlike the start of the dot.com bubble. There is the Internet everywhere, and everyone has access to smart devices. Creating crypto wallets is very easy because it does not require many processes that central systems require. Sometimes it is simply a password, private and public key, that a user can access using any device that has an internet connection.
Several bans on crypto coins have spiked the interest of many. Being notorious for this, China has made many people take an interest in cryptocurrency, especially bitcoin. Influences of top investors like Rich Dad Poor Dad’s author, ‘Robert Kiyosaki’ and Elon Musk lead many to use cryptocurrencies.
Adoption of Cryptocurrency Transactions
The president of El Salvador also buys massive amounts of Bitcoin and allows bitcoin as a form of currency in the state. El Salvador even engages in Bitcoin Mining and is looking for efficient ways to make mining more environmentally friendly.
Most top sites already use Bitcoin as a form of payment, and some are in the process. Microsoft began accepting Bitcoin in 2014 as a mode of payment for games. Other top companies that accept Bitcoin are AT&T, KFC, Burger King, Twitch, Overstock, Subway, McDonald’s, and even Wikipedia.
Crypto as Payment in 2023
‘Bitcoin is the future currency is a popular saying that began as a joke but is slowly coming into use. We agree with the new study that 45% of the consumers will use Crypto as payment in 2023.