Many are still waiting for the time that cryptocurrencies are used for daily transactions. The likes of Vitalik Buterin believes that adoption is what the industry needs the most at this point and not a Bitcoin ETF. And yes, despite having a crypto supporter inside the SEC, adoption can still give way towards the growth of the market.
If you are going to ask Sheffield Clark who owns the company Coinsource, the same company that installed 17 new Bitcoin ATMs in Florida, he believes that cryptocurrencies are not yet a viable option for payment mainly because of regulatory concerns.
He said that “With the time and cost that it takes to use Bitcoin to pay for everyday items as currently constructed, it is not realistic for most people to use it in this way. It doesn’t make sense for them too. It is not easier or more cost efficient than traditional financial instruments at this time”.
He pointed out that Bitcoin is rather a speculative digital asset that has been used for trading rather than a tool that can be used for daily transactions. Clark pointed out that it is quite obvious how people make use of Coinsource Bitcoin ATM network. It has been used mainly to exchange cash for Bitcoin which can then be used for altcoins for speculative purposes.
Primary Bitcoin ATM Customer is Unbanked
Clark has pointed out that the “primary Bitcoin ATM customer” are those that don’t have bank accounts that rely on cash or cryptocurrencies. Though it is possible for speculators to gain profits from cryptocurrencies, the Coinsource CEO mentioned that “you can get Bitcoin more into the mainstream media, put more kiosks on the streets, make it more easily accessible for all, and further educate the masses on its adoption, but until it is practical for someone to be able to buy a gallon of milk with it or put their life savings into it without having the risk of losing 20% of it in a week—adoption a high level by the general population will continue to be very slow if not stagnant”.
Regulations Can Solve Volatility
Clark isn’t alone in his opinion regarding the solution needed to solve volatility issues within the market. Coinbase UK CEO Zeeshan Feroz also thinks that regulatory clarity is the solution needed in today’s crypto space. Clark believes that continuity and a unified regulatory approach in cryptocurrencies can change all of these things.
Clark mentioned that “The only consistency that I see between the states and the federal government regarding Bitcoin is the total lack of enforcement when it comes to the few regulations that are in place”. He also added that “Those with the idealistic belief that one of the most noble ideals about Bitcoin is that it was created as an “unregulated” currency are fools to believe that it actually survive, much less thrive in that environment”.
Many are anticipating the entry of institutional investors once the regulations within the niche have been fixed. So far, though there are those such as ICE and Goldman Sachs that has shown interest in the crypto market, there is still no fresh capital coming from them enough to cause another bull run.