The official adoption of cryptocurrency by government officials and the private sector have been cited as one of the ways to get the industry out of its present predicament, as issues affecting the industry will move from a sectional problem to a national issue. Supporting the motion is a top Ripple Executive, who urged the industry to do more regarding improvement before talking about national and international adoption.
A Wake-Up Call
This year’s bearish trend as seen most of the cryptocurrencies hemorrhage over 80% as they suffered a massive fall from the amazing heights of last year. However, some have fared better than the other, and one of the few lucky ones is Ripple’s XRP token.
Ripple is one of the most active firms in the crypto world during this turbulent period, as it continued to sign up finance partners to RippleNet. The token itself may be down 90% from its peak at over $3.50, but it’s presently the second largest cryptocurrency in the world, after overtaking Ethereum.
Many players are thus of the opinion that greater adoption is the needed catalyst to return the crypto market to its old glory days, but Ripple CTO, David Schwartz is of the opinion that the technology needs to be improved upon before that can happen.
“I don’t want the adoption to get ahead of the technology. It took a long time for the internet to get to the point where it was suitable for anybody to use it and you didn’t have to understand the technology in great detail in other to be able to get it to work,” Schwartz said.
Cryptocurrencies and Global Adoption
The call for the global adoption of Cryptocurrency is not a new gospel in the cryptocurrency industry, major players like Tim Draper are of the opinion that Cryptocurrency will soon replace fiat in the next five years.
Some antagonists of the digital currencies are also of the opinion that the industry is not stable and most especially, open to crimes such as cryptojacking, illegal crypto mining, E-mail hacks, ICO scams, and other crimes, and as government agencies and the private sectors should not adopt such.
The market is currently facing a turbulent period in its history, but may bounce back and take its rightful place, but whether it will be generally adopted or not is still a mystery that only time will unravel.