We live in a strange world. What started as an experiment over a decade ago with Bitcoin is now slowly inching towards mainstream adoption. People worldwide have now slowly started to accept cryptocurrency as a mode of payment. One such example is that of NFL player Odell Beckham, Jr. has now started to accept his payment in Bitcoin and NFTs.
So, what has changed over the years that eventually led to this? Let’s have a closer look at this.
What gives cryptocurrency an edge over fiat?
Fiat has always been a safe haven for several decades. The inflation of this was in the single-digit percentages for a very long time. All this changed when the Covid pandemic hit the entire world. With the banks printing these fiat currencies like there’s no tomorrow, the inflation of all fiat currency went through the roof.
This means that the worth of the same $100 bill in your wallet is a lot less than what it was worth a couple of years ago. More and more people started to realize this and eventually invested in assets that would help beat inflation. While gold was initially the way most of them went, this soon changed as gold offered little liquidity.
Around the same time, the Bitcoin halving occurred in 2020. This acted as a catalyst in the whole process. With the Bitcoin halving, it means that the number of Bitcoins that came into circulation was lower than the last year. So, more and more people started to park their funds in Bitcoin and other cryptocurrencies, causing a supply shock in most of them and consequently leading to the massive rise in its value.
Why hasn’t crypto already gone mainstream yet?
While inflation in cryptocurrencies is actually very low, not many people were aware of it. So far, it was only the computer geeks who were into cryptocurrencies. However, as the word spread, more and more people have started getting into it. However, due to its decentralized nature, people are wary about investing their hard-earned money in cryptocurrencies.
`Things are changing over time, though. We have now seen some of the most famous sportsmen getting into the crypto game. What makes this so special is that this gives wider exposure to the crypto industry. With popular sportsmen like Stephen Curry, Odell Beckham, Jand others. getting into cryptocurrencies, their fans will likely give this a shot.
As these people are very good influencers, people view their acceptance of cryptocurrency as a green signal that cryptocurrencies are not as scary as many portray them to be.
Odell Beckham, Jr. recently publicly announced that he is now getting paid by the NFL in Bitcoin. Additionally, he is also the owner of a crypto punk which was the world’s first NFT set. This is currently valued at over a million dollars. With news of more influencers accepting cryptocurrencies spreading worldwide, the odds of more new people getting to crypto are extremely high.
Cryptocurrencies did have a dark past with their involvement in illegal activities. However, these setbacks do not outweigh the advantages of these digital assets. While, there still exists that a perception or entry barrier into cryptocurrencies and NFTs, may exist, PlayersOnly is working diligently to bridge this gap. With the PlayersOnly social media app, you will be able to get into sports-related NFTs and be more involved with the team or sport, which they support. Additionally, hanging out with like-minded people and other supporters is a bonus.