As cryptocurrencies become more commonplace in society, banks are beginning to adapt. With the consistent increase of people investing in and spending cryptocurrency over the past few years, it’s no surprise that a number of industries have acknowledged its importance in our present and future. And banks are no exception; in recent months, more and more banks have announced their plans to adopt cryptocurrency.
1. Increasing Demand for Cryptocurrencies: With the increased popularity of crypto comes an increased demand for services to adopt digital currencies and move with the trends of our modern day. Take the US, for example. According to Gallup, 6% of investors in the country own Bitcoin.
2. Countries Are Making Cryptocurrencies Legal Tender: While the majority of countries rely on payments using traditional legal tenders, like Dollars, Euros, or Pounds, this isn’t always the case. Some countries have adopted crypto as their main currency. This is usually due to the crash of a national currency or the reliance on external financial sources.
3.Cryptocurrencies Are Potentially Lucrative: Considering how cryptocurrencies can transform people’s economic fortunes, and that there are significant amounts of crypto in circulation right now, it makes sense for banks to get involved. But with crypto, there is always a risk. Though it can make people exceedingly wealthy, it can also crash in the space of hours. So, banks may be wary of this risk, and it could stand as a roadblock to widescale adoption of crypto by banks on a global scale.