However, concepts such as anonymity, decentralization, and a lack of a clear framework that enables the digital asset class to be easily affiliated with illicit activities continue to stymie the process of widespread acceptance and use of digital currencies.
Indeed, according to Chainalysis data, after reaching an all-time high (ATH) in the second quarter of 2021, the adoption rate of the cryptocurrency fell during the third quarter of the same year as prices plummeted.
However, adoption statistics improved during the last three months of 2021, thanks to a massive rally in which many digital currencies reached new highs.
Meanwhile, as the market entered a bearish cycle in the final two quarters of 2022, there was a dramatic reduction in acceptance and usage-related numbers.
This noted that digital currency assets still have a long way to go before reaching the level of adoption that everyone has been hoping for, a sentiment recently echoed by Mastercard CEO Michael Miebach.
The CEO of the world's second-largest online payment corporation was recently interviewed and had the opportunity to share his thoughts on the future of cryptocurrencies.
He stated that there is a significant rise in the number of large investors willing to put money into digital currencies but are disappointed due to a lack of comprehensive rules.
This leaves prospective investors in the dark about how to enter space safely and protect their assets, especially since the industry is plagued by news of cyber attacks from time to time.
The payments company made efforts to facilitate their clients' access to digital currency assets. Mastercard teamed up with Binance to make buying NFTs as simple as buying coffee.
Do you believe that crypto will eventually enjoy mass adoption? Drop your comments by sharing this article on social media.