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The evolution of cryptocurrencies has reached a tipping point in recent months. Bitcoin’s market valuation has surpassed the $1 trillion mark, contributing to the broader crypto market becoming a $2 trillion asset class.
According to a report by Citi analysts, crypto exchange trading volumes soared to $500 billion in the first three weeks of this year. In addition, the analysts noted that even though crypto ownership remains primarily retail, interest from institutional players is quickly increasing.
Indeed, the crypto industry has in recent months captured the attention of many institutions, including prominent Wall Street banks, top payment firms such as PayPal and Mastercard, and even governments.
A great example of the rampant adoption of digital assets as a disruptive force is the recent move by El Salvador to embrace bitcoin as legal tender.
Here are some of the biggest names putting their weight behind the cryptocurrency space, helping to propel the nascent asset class to the verge of mainstream adoption.
“Crypto Dad” Christopher Giancarlo
The former chair of the U.S. Commodity Futures Trading Commission (CFTC) firmly believes that crypto and the blockchain are two critical aspects of rapidly evolving financial markets.
Chris has been dubbed “Crypto Dad” by the crypto community due to his efforts championing the growth of crypto and blockchain sectors during his tenure as the CFTC head. In addition, the beloved establishment figure famously advocated for the U.S. Congress to adopt a “no harm” regulatory approach toward blockchain products during a congressional hearing in 2018.
Back in Jan of 2020, Chris teamed up with Accenture to roll out the Digital Dollar Foundation. The non-profit organization is looking into building a digital dollar to keep up with China’s push to launch its digital Yuan.
In April 2021, ‘crypto dad’ joined the board of leading digital assets lender BlockFi and asserted that “the future of money and things of value is digital.”
Elon Musk, the CEO of Tesla and chief designer at SpaceX, has been moving crypto markets for months with his enigmatic tweets.
The billionaire investor is known as an avid believer in crypto and blockchain technology. Musk’s obsession with meme-based cryptocurrency Dogecoin, in particular, has prompted some in the crypto community to label him a straight-on DOGE “Shiller.”
The effects of Musk’s tweets have been significant in promoting the mainstream use of cryptocurrencies. At times, the investor has seemed to advocate for bitcoin and DOGE as a great way to foster financial inclusion and revamp the legacy monetary system. Moreover, his influence has led folks who were formerly skeptical or unaware of digital currencies to start taking up an active interest in the asset class.
Moreover, Musk’s car manufacturing firm Tesla recently procured $1.5 billion worth of BTC and later announced it would accept the coin as payment for its automobiles. These announcements, along with Musk’s relentless Twitter campaign, have helped push more individuals and corporations to consider joining the crypto bandwagon.
Michael J Saylor
Michael Saylor, the CEO of MicroStrategy, shocked the crypto world last year when he changed his stance as a hardcore crypto skeptic. The American entrepreneur abandoned his public disdain of bitcoin and procured digital coins worth millions, sparking a massive institutional crypto adoption movement.
Saylor has become the poster boy of institutional bitcoin investment and has influenced other corporations such as Square Inc. to bet on crypto.
Apart from the aforementioned ‘crypto dads,’ many other business bigshots such as Jack Dorsey and the Winklevoss twins can also be credited with helping catapult crypto to mainstream prominence.