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During the early days, Bitcoin's potential was logical to maybe just internet programmers. The power of Bitcoin then gained ground with graphical hardware developers. Eventually, Bitcoin’s advantages for individuals gained popularity with some of the wealthy with international interests.
Undeniable Advantages and Regulatory Changes
Today's Bitcoin advantages become increasingly undeniable as nations officially adopt it as currency. This inches closer for the United States with its inclusion into a national infrastructure bill. It’s hard to imagine that leaders didn't feel the pressure with the adoption by El Salvador.
U.S. bill preparation takes a whole lot of care and planning. So the lack of Bitcoin media really must be a sort of play down.
By the time Bitcoin made a meaningful impact upon regulation, the United States had already discussed a blockchain-based Fed Coin. Wisconsin had also approved the first state regulated DAO. Facebook tried to work with the government to launch its own coin. Bitcoin ETF became a reality. These events illustrate how open the eyes of the U.S. government (and the world) are to the Bitcoin reality.
The Bitcoin Reality and Overcoming Challenges
I’d say the ‘new’ Bitcoin reality, but those who’ve been developing our internet and computer graphics cards have been here for a decade. The new Bitcoin reality that these folks see is another Bitcoin all-time high in November 2021.
As we approach the holidays, it’s important to remember how cryptocurrencies tend to spike through this buying season. Those who’ve been watching crypto since 2017 may be wondering if we’ll see another market flash crash.
Most would be foolish to predict that this will be the lowest price point. Certainly not saying that here. Though, this time it’s a very different scenario.
The number one issue that the crypto industry as a whole shouts toward regulatory ears is CLARITY. We don't have that, yet.
In fact, the lack of clarity clearly makes for shaky fundamentals in the short term. That said, we do have legal Bitcoin ETFs and this market is growing. Some lawmakers even asked regulators why spot ETF are not yet allowed.
Pressure from Below
Want more legal chatter? How about the growing number in Congress in support of crypto. Whether through constituent pressure or their own realization, congressional support for Bitcoin may soon become like a rushing river.
What will follow is a marketplace who’s consumers no longer fear Bitcoin. As it stands now, consumers still associate Bitcoin with scams, recreational pursuits, and even something too complicated for the average person.
A Likelihood of Acceptance Sooner than Later
Acceptance becomes more reasonable when officials begin talking about value that pertains to both Bitcoin and the Dollar. For example, acceptable payment systems for taxes that are connected to a Bitcoin wallet.
For those wondering if the Bitcoin blockchain might soon connect to the tax system, consider the trillions of dollars in market cap.
God know government bureaucracies will mine their constituents to the bone for money. Not unreasonable to move the catered events into Bitcoin circles.