Growth in cryptocurrency market is directly influenced by government’s policy and regulations. China’s ban on Bitcoin mining had caused exodus of miners from the country and it had caused tremors in the market. But as the miners found new homes in Kazakhstan, U.S., and Europe, the market stabilized and then skyrocketed to find the new highs.
There is ample evidence that cryptocurrency market is maturing. In the beginning, cryptocurrency market was controlled by hobbyists while big corporations stayed away from it. Many aspects of cryptocurrency market were dominated by retailers, while banks and big financial institutions tried to discredit it. They knew what cryptocurrency could do to their status quo and they did everything to keep it down. One of many examples is when Jamie Dimon, the CEO of J.P. Morgan, one of the biggest financial institutions in the world, called Bitcoin a fraud. He said he will immediately fire any trader who works for him if they engage in any cryptocurrency trading.
And now the tides are shifting. Cryptocurrency mining is controlled by multi-billion-dollar corporations, hedge funds and big financial institutions are actively engaged in cryptocurrency trading, and J.P. Morgan have their own cryptocurrency desk and their own cryptocurrency called J.P. Morgan coin. Governments and institutions that were banning cryptocurrency trading or mining are now jumping on cryptocurrency band wagon and developing their own cryptocurrency, setting up regulations and policies regarding crypto, and they are trying to control it and profit from it. Every day, new crypto products are developed and approved, crypto is slowly hitting the mainstreet, and cryptocurrency miners are growing at parabolic rate. And even the governments, as in the case of El Salvador and Jamaica are adopting cryptocurrency as their national currency.
With those facts, we can see that cryptocurrency growth, recognition, and adoption are increasing and the future of crypto market looks bright.