July 20, 2018
By: Steven Anderson
In a moment that suggests almost a kind of prescience, the deVere Group sent us word from CEO Nigel Green, who announced a point that cryptocurrency buffs have been waiting to hear for years: cryptocurrency is “undeniably mainstream.” That announcement came within roughly the same 24 hour period as a sudden uptick in the cryptocurrency market, suggesting that gains are afoot, and cryptocurrency may be mainstream after all, finally.
Green issued these remarks after word arrived from the Financial Stability Board that, despite all the doom and gloom afoot, cryptocurrencies—even bitcoin—do not actually pose a risk to the world’s financial system. Few in the field believed such risk existed.
What’s more, cryptocurrencies have responded to these developments fiercely, climbing in price. Bitcoin, for example, cleared the $7,400 mark as of this writing. This represents the biggest price surge bitcoin has seen in two weeks, and word is that XRP, Monero, and several other major releases have gained ground.
With deVere on record projecting that 35 percent of high-value investors will have some exposure to cryptocurrency by 2018’s close, it’s safe to say that crypto in general could be in for some gains.
Green noted “There’s now surging awareness of the value, need and demand for digital, global currencies in a digitalized, globalized world. The world of money has fundamentally changed – and despite what some crypto cynics want, it can’t and will not go backwards. Therefore, the FSB’s proactive and positive work in this sector must be championed.”
It was likely a matter of time until cryptocurrency started to go mainstream, and we’re probably not too far off from that point. Sure, use cases are still a little light, but then, so are the use cases for pork bellies or frozen orange juice. Seeing immediate retail applications, however, would be the biggest sign of mainstreaming in progress. Given how many apps we’ve already seen that can fill that gap—granted, they just sell cryptocurrency and turn it into fiat so rapidly that it looks like you’re spending cryptocurrency online directly—we’re certainly close.
Are we in a time where cryptocurrency is mainstream? Well, maybe not. But we may be in the earliest days of such a phenomenon happening, and that’s good news for those who bought in at the $19,000 level.