Since their introduction in 2009, cryptocurrencies have attracted the attention of a variety of stakeholders in the financial community, from private investors to financial institutions and authorities. In the new landscape of cryptocurrencies, bitcoin has the highest market capitalization.
While it’s hard to estimate how quickly bitcoins will be fully adopted, it is clear this trend cannot be ignored and must be monitored. The industry is growing: There are more players involved, more cryptocurrencies available and the degree of sophistication has increased. Engineers are now working on new technologies for reducing the costs associated with the creation (“mining”) of new bitcoins.
The industry itself has to decide whether to step forward and drive the change of embracing bitcoin into the payment system – the role of big players will be crucial in determining whether to speed up the rulemaking process, believing that bitcoins will have a positive impact on the market overall.
While opponents and defenders debate the cryptocurrency market, the availability of clear rules and a common regulatory framework could be the real game changer and determine whether this is only a speculative bubble or the first step in a big change.