Bessemer Ventures: Bitcoin Will Be Accepted Everywhere Soon

Saturday 17 October 2020, 5:23 AM AEST - 1 week ago


Could bitcoin ever become a fully accepted asset across the globe? According to some analysts, thats exactly whats about to happen.

Bitcoin Is Going to Grow Like Crazy

Its always been the dream of Satoshi Nakamoto – the alleged creator of bitcoin and its respective technology – and fans of the cryptocurrency that bitcoin would be as widely accepted as cash, gold and stock shares. However, this hasnt always been the case.

For one thing, the asset has received mixed signals from regulators, with some praising it, and others looking to instill full bans against it. This is the situation in India, which recently ruled that a certain law deeming relationships between crypto companies and traditional banks was not allowed. This law was later deemed unconstitutional and reversed by the countrys Supreme Court.

However, now India has commented that its considering a full trading ban on the asset, meaning nobody would be able to own it, buy it or sell it. This is huge considering India is one of the largest countries in the world, and its decision to ban bitcoin would put it behind neighbors such as China.

In addition, very few retailers have accepted crypto given that it is still very vulnerable to price swings and volatility, and to a certain degree, we cant blame them for saying no. For example, if you go into a store somewhere and buy $50 worth of merchandise with bitcoin, all may seem done and sealed. However, if the price of bitcoin falls the next day and that $50 turns into $30, youll still walk away with everything you bought, but the store will have lost some money, which isnt entirely fair to the retailer.

But according to Bessemer Ven ...

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