Bitcoin Merchant Adoption Stagnates, But Switzerland is Reviving Payment Narrative
In 2017, the store of value narrative surrounding Bitcoin and its astronomical rise to $20,000 solidified the “hodl” meme in retail investors, causing them to spend their crypto less often in fear of missing out on incredible gains.
With less people spending their Bitcoin, merchant adoption came to a screeching halt. Since then, a number of merchants have pulled their support of accepting cryptocurrencies such as Bitcoin or Ethereum as a method of payment. But as merchant adoption stagnates in most of the world, Switzerland is leading the way back into regular growth of Bitcoin usage for paying for good and services.
Switzerland Leads the Way for Retail Merchant Adoption of Crypto Payments
When Bitcoin was initially developed by the mysterious Satoshi Nakamoto in the wake of the last financial crisis, it was designed to be a peer-to-peer system for electronic cash, or essentially a digital currency designed to be a medium of exchange.
However, Bitcoin’s highly-publicized meteoric rise and the switch to a store of value narrative caused more and more Bitcoin enthusiasts to simply “hodl” onto the leading crypto asset by market cap, rather than spending it on goods and services. ..Read more..