Over the past decade cryptocurrency has been adopted by a large independent audience. The next big step after independent adoption will be institutional adoption.
The use of bitcoin for purchases and as an investment vehicle by institutions has been a slow and grueling process. However, one must remember that when bitcoin was first introduced the acceptance of bitcoin was very gradual and limited until it became exponential.
Tesla’s adoption has proven to be one of the most controversial institutional efforts in the cryptocurrency world, no thanks to backtracking by Elon Musk.
The back and forth by Musk on acceptance of bitcoin as payment is obviously unnecessary, however the entrance of institutions into the cryptocurrency sphere is necessary for cryptocurrency to fully expand.
Ensuring institutions have skin in the cryptocurrency world and payments using cryptocurrency are widespread and standardized is essential.