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Bitcoin price volatility in the short term continues to be a main agenda item for many investors. However, most do not remember the price of Bitcoin around this time last year. The real importance in the crypto space is the ability to correctly interpret developments that support long-term goals. Recent news from Switzerland sends significant signals for the crypto industry.
Crypto and Daily Life
The city of Lugano in Switzerland serves as an important example for understanding the present and future of cryptocurrency. Cryptocurrencies offer great opportunities to people who still face challenges accessing financial services in many parts of the world. While this is not the case for Switzerland, access to financial services remains a privilege for some in many developing and especially underdeveloped countries.
In the United States, only 6% of adults do not have a bank account, but this figure is over 52% in Africa. Crypto has not yet achieved the same level of acceptance as traditional finance. However, efforts by global payment service companies to integrate crypto and steps taken by companies to accept crypto are helping us move towards this goal.
Time Magazine accepts crypto payments for subscriptions, and Wikipedia, Microsoft, and Google have made this possible through various partnerships. Giants like Visa and MasterCard are working on crypto-supported cards. Exchanges are launching their own payment cards and so on.
Crypto and Lugano
In Lugano, things have gone much further. In cities like Lugano, you can even pay taxes using cryptocurrency. Residents of Lugano, Switzerland, can easily make payments through crypto by scanning a QR code on their bills. In fact, according to recent data, about 15% of citizens are already using crypto for payments. Over 400 businesses there directly accept crypto payments.
In the coming years, the number of stores accepting crypto in this Swiss city is expected to exceed 2,000. It may be difficult for people to adapt to this innovation, but it is not impossible, just as they got used to plastic payment cards, crypto payments could easily become widespread through QR scanning or other methods.
Juniper Research predicts that the global usage rate of digital wallets will reach 75% by 2025. We might even see days when crypto credit platforms offer DeFi loans in an integrated manner with banks. The transformation of financial instruments has been an ongoing journey, and crypto is already making big finance companies salivate due to its acceptance, growth potential, and intermediary profit opportunities.
