By Shelly Melancon (Switzerland)
One of MasterCard’s top-level executives, Harold Bosse, is convinced that further mass adoption of blockchain technology, including digital assets, will increase sooner than expected.
Bosse shared these insights while delivering a keynote address on a blockchain webinar on Tuesday. The MasterCard executive further remarked that it is all over the news that millions of people are already conducting crypto transactions worldwide.
“We are gradually moving towards the mass market phase. We are almost out of the early adopter and new adopter phase. This switch will be key to the financial institution’s entry into the crypto space.”
The Challenges Before A Crypto Mass Adoption Can Happen
Bosse also said cryptos need to overcome certain challenges before becoming massively adopted. Some examples of the challenges Bosse cited include regulatory issues and a low level of awareness by senior management about crypto. He also added scalability issues, speed, and cost.
Like other traditional financial industry leaders, Bosse also stated that there are similarities between the present level of the crypto sector and the beginning of the internet era. “Recall the early days of the internet. No one will ever imagine starting a company like Amazon. Amazon requires the internet for its business model to work.”
Also read:He further said, “this is similar to the current situation of the crypto industry. How can transform people’s lives without asking them to do any complex tasks? How can we explain blockchain technology to people in ways it can solve their problems?”
Mastercard’s Recent Actions Show Its Stance On The Crypto Sector.
Before registering its NFT and metaverse trademarks, MasterCard had previously launched crypto-related credit card services. Bitcoin, Ethereum, and a few other top crypto networks provide solutions to specific problems.
BTC offers near-instant and cheap transaction fees when sending money to any part of the globe. ETH enables the development of decentralized apps, smart contracts, and the Web3 economy. Many other crypto projects have been launched in the last few years.
But those that will survive are those with clear solutions to specific problems. Bosse’s opinions come when the crypto market remains on a decline. Many industry analysts are predicting the downtrend in the market might persist for longer than expected.
All Markets Have A Cycle
One clear sign of any bear market is what is currently happening now in mainstream media. Mainstream media continue to derive joy in creating sensational headlines saying that the crypto market will crash.
A similar occurrence happened four years ago during the initial coin offering boom. It was also the same period BTC’s value rose rapidly, setting a new peak price of $20,000.
The mainstream media still pushes the fear, uncertainty, and doubt (fud) narrative about BTC. However, the leading digital asset’s value at the moment is 50% higher than in 2018 when the media was pushing the fud narrative.
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