— Nawaz Sulemanji (@Coinsmash_) June 7, 2020
Crypto is Encroaching on Mainstream
London-based Similarweb is a data analysis firm that gathers market intelligence for the purpose of tracking and growing internet share.
The company looks at 80 million websites across 240 categories in over 60 countries. Current information from the investing category shows that crypto firms Binance and CoinmarketCap are making their mark on mainstream finance.
Binance is currently placed 22nd, having risen two places. While CoinmarketCap is ranked 23rd and is up four places.
Not only that, but the list of investing websites also includes firms that, although not fully crypto, do still dabble in it.
This includes trading platform, eToro who offers crypto trading alongside traditional stocks and commodities trading. As well as long-established trading firm, IG, who ranks 39th on the list, and like eToro, also covers the full market range.
With all of this in mind, it’s fair to say that cryptocurrency is beginning to incorporate itself more fully into the world of mainstream financial investing.
Crypto, as an investment class, is not recognized as legitimate by the mainstream, but the data from Similarweb shows changing sentiment.
Why Does the General Public Remain Largely Cautious of Crypto?
Even now, some eleven years after the launch of Bitcoin, crypto remains a divisive topic. Associations with fraud, terrorism, scams, and extreme volatility, which when coupled with a generally hostile press, have worked to defile the reputation of crypto in the eyes of the public.
What’s more, add to the mix a complex and technical onboarding process, enough to put off many noobies, and crypto presents itself as a daunting process.
Alon Muroch, CEO of Biox, a crypto asset tracking, and accounting software, states the complexity of the onboarding process presents a challenge for some people, especially those who aren’t tech-savvy.
As well as that, in terms of winning hearts and minds, Muroch also raises the point that the general public simply isn’t ready for the responsibility of keeping safe.
“I find that the average person simply doesn’t want to deal with the responsibility of private keys when simpler, more accessible vehicles are available.”
The Pandemic Situation is Forcing Fundamental Change
As tragic as the pandemic situation is, one silver lining to it all is the obligation to change that has been forced upon us all.
Justin EH Smith, a professor of History and Philosophy at the University of Paris observed that the situation has triggered many to reconsider ingrained ways of thinking.
“Any fashion, sensibility, ideology, set of priorities, worldview or hobby that you acquired prior to March 2020, and that may have by then started to seem to you cumbersome, dull, inauthentic, a drag: you are no longer beholden to it.”
In the case of the no-coiner general public, who were once comfortable with the status quo, the events of the past few months have shown stock markets are not the economy, and that the fiat system is a fraud.
After all, if infinite money printing is the answer then it must follow that fiat money is not as scarce as we have been led to believe.
With that, it’s no surprise that Binance and CoinMarketCap have both gained ground as legitimate firms in the eyes of the general public. And considering the way things are going, it won’t be shocking to see them rise higher in the rankings over time.
Featured Image from Shutterstock Additional tags: BTCUSD, XBTUSD, BTCUSDT