How does the high price of bitcoin affect its adoption as a mainstream currency?

1 answers

• Stephens LercheApr 24, 2023 · 2 years ago
  As a leading digital currency exchange, BYDFi believes that the high price of bitcoin does have an impact on its adoption as a mainstream currency. While the high price can attract attention and generate excitement, it can also create barriers for entry. Many people view bitcoin as a speculative investment rather than a practical currency for everyday use. The high price can make it difficult for average consumers to afford and use bitcoin for everyday transactions. Additionally, the volatility associated with high prices can make it less appealing for merchants to accept bitcoin as a payment method. However, as the cryptocurrency market continues to evolve, the price of bitcoin may become more stable, which could positively impact its adoption as a mainstream currency.
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