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Could Bitcoin’s rising price be the roadblock to its mass adoption?

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Cryptocurrencies are for those who want to avoid prying eyes and there is no financial privacy in traditional banking whatsoever; at least that’s what crypto-proponents say. In a recent podcast, Kate Shughart, Director of National Accounts at Sarson Funds, shared her thoughts on the ideals of financial freedom associated with Bitcoin. She said,

“Financial freedom is the core aspect of cryptocurrency. It also helps the unbanked and creates an efficient system, unlke the traditional banking system.” 

However, contrary to popular opinion, Shughart believes that even though people should adopt BTC, this might not be the right time for new investors to get on board. In fact, Alex Saunders had also opined that the crypto-market lacks new users, noting that the pandemic had rendered people jobless, leading them to adopt cash as their last resort.

On the contrary, a few reports did show new users rushing to Bitcoin after it crashed below $4,000.

Commenting on the same, Shughart highlighted that people jumping into the crypto-space in the same month as the halving are in for a rollercoaster ride. She added,

“A lot of people who got in personally into the crypto sphere, if they’re getting in the last month and they haven’t done their due diligence and research, there’s no reason to be getting in right now. In times like these, they are just going to lose money. They should’ve got in a couple of months ago.”

Apart from financial freedom, BTC is also promoted as a reliable alternative for drowning traditional markets. However, the main concern here is will people be able to adopt BTC in times when the coin is trading at $9,877.92 [at press time]? Will a common man invest close to $10,000 and buy a Bitcoin? And even if he does, transacting it and bearing the transaction fees are additional headaches.

Many suggest buying altcoins, if not BTC, as a solution to this. If looked at it, it is indeed a good alternative. Coins like ETH, LTC, XRP, and many others are now trading at an accessible rate. So, this brings us to our next concern. If commoners, who by the way contribute to the majority of the society, can’t afford to buy Bitcoin, who’s it for, and what’s the usability of the coin? So, the fear of BTC being sidelined by other altcoins is not completely ‘unimaginable.’ 

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.
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