The crypto market has been quite bearish for a while and it doesn’t look like this is going to change anytime soon – in fact, on Monday the market experienced one of its most brutal days in the crypto space.
With that being said, there is actually plenty of bullish news coming out on a regular basis. Just in the last few weeks, the English government announced plans for the UK to become the hub for everything crypto-related, the Central African Republic became the second country to accept Bitcoin as a legal tender and in Indonesia, NanoByte Token ($NBT) is now accepted by one of the country’s leading financial institutions for instant fiat loans.
Crypto asset-based lending services are not exactly a new concept but it’s great to see them being implemented on such a large scale – Indonesia has the 4th biggest population in the world, their government is very much pro-crypto and the company providing those loans is Danamas – one of the biggest financial institutions in Southeast Asia. This is yet another example of a slow but clear shift in the attitude towards cryptocurrency.
Over the last few months, I have personally made some observations – on traditional news outlets, from colleagues in academic circles, or just during conversations with friends or random people – that there’s more and more curiosity about crypto. People are starting to see it as more than an extremely risky investment or just simply a scam.
This shift in attitude and projects like NanoByte are making me extremely bullish about crypto in the mid-to-long term. Sure, in the short term it will still likely be a bumpy ride. We expect that. We still have many weeks if not months of this bumpy sideways movement or maybe even a major capitulation before the next leg up. But this change in attitude and crypto’s constantly improving utility are the key elements that will fuel the next bull run.
Since it will be based more on utility than just pure speculation, it will likely be much more sustainable.
One of the main objections I often hear from people who are not yet familiar with crypto is the lack of real-world use cases. This is why projects like NanoByte are particularly valuable because they’re a great example of how crypto can be utilized in everyday life and help with onboarding people. For example, NBT holders in Indonesia can get instant loans with interest rates up to 80% lower than what’s normally available on the market – this is a very clear benefit of crypto, which can be easily understood by anyone and we need more incentives like this to help with the mass adoption of crypto.
It is also great to see large and rapidly developing countries embrace crypto, especially considering the increasing number of crypto control measures in many of the most populous countries in the world such as China and India. Of course, everyone saw it as bullish news when El Salvador announced last year that they will accept Bitcoin as a legal tender but let’s be honest – we won’t see true mainstream crypto adoption until more populous countries start utilizing crypto.
To conclude, while the short or even mid-term market outlook remains bearish, I’m staying really optimistic for the long-term. Although it will certainly take a while for crypto to reach mass adoption, I believe that incentives like the collaboration between NanoByte and Danamas are going to help to speed up this process and ultimately, lead to another bull run.
Disclaimer
The content covered in this article is NOT to be considered investment advice. I’m NOT a financial adviser. These are only my own speculative opinions, ideas, and theories. Do NOT trade or invest based purely upon the information presented in this article.