Since the extremely positive reception from both the EU Parliament and the US Securites and Exchange Comission, the legitimacy of cryptocurrencies adoption has been booming internationally. Multiple US states have been pushing to reduce and accept taxes through cryptocurrency, a huge step forward in utility as a currency. China’s top political advisory board has even proposed for the creation of a national cryptocurrency trading platform. It is impossible to deny the global acceptance of this new asset class.
Perhaps the most telling sign is how traditional financial institutions have been beginning to respond. Bank Of America, Citigroup, JP Morgan, Capital One and Discover have began barring their users from purchasing cryptocurrencies with credit cards. Banks are now reacting to what is a clear threat to their industries by limiting access and exposure to these services.
Despite these setbacks, cryptocurrencies have just begun formal international acceptance, and will continue to grow. Institutional money continues to flood the market, through new ICOs and 70% of Bitcoin trading is done OTC. These obstacles are insignificant attempts at delaying the inevitable.
