It seems like conversations around cryptocurrencies are getting louder all the time, especially following the launch of Donald Trumpโs own stablecoin. Among all the controversy around these virtual currencies, youโd be forgiven for not taking them seriously. However, cryptocurrencies continue to grow in popularity, being adopted in industries that range from ecommerce to iGaming.
Currently, itโs not uncommon to see Bitcoin as a payment option when youโre paying for slot spins. It is even possible to pay for your weekly shop at Asda using crypto now. Below, we look at exactly what is behind the rise of crypto and why more and more industries are starting to incorporate it.
A very brief history of cryptocurrency
Although there were previous attempts to form a digital currency before Bitcoin, it was the first to make any sort of waves in the public consciousness and is regarded as the first decentralised cryptocurrency. It was first proposed in a white paper published back in 2008 by its pseudonymous creator, Satoshi Nakamoto.
Nakamoto participated in the first-ever crypto transaction, which took place in early 2009 between himself and Hal Finney, an American software engineer. The first commercial transaction infamously occurred on the 22nd of May when someone exchanged 10,000 Bitcoin for two Papa Johnโs pizzas. Today, that Bitcoin amount would be worth around an absolutely staggering ยฃ829,800,527.
When did cryptocurrency become so popular?
The success of cryptocurrency is hard to really quantify, but itโs widely recognised that 2017 was the year Bitcoin began to surge.
It started out the year with a value of just over ยฃ1,000 and managed to close out the year at ยฃ20,000. It was around the same time that spin-offs of Bitcoin, such as Ethereum, also began to grow in popularity.
During the 2020s, cryptocurrency has experienced immense growth in popularity to the point where Bitcoin is now the seventh most valuable asset in the world. Itโs also been during this period that governments have started seeing the potential in crypto and purchasing crypto reserves, which act in the same way as gold bullion.
What is behind the rising popularity of crypto?
Arguably, the biggest factor supporting the rise of cryptocurrency is intense levels of media coverage and popular endorsement. Itโs captured public attention on social media platforms, such as X and Twitch, with the decentralised nature appealing to many. There are also crypto influencers who push the currency on their platform.
In addition, public figures such as Elon Musk have been incredibly vocal about their support for crypto. Heโs vocally supported Dogecoin, Bitcoin and Ethereum. There are even cryptocurrencies which use his likeness. The Musk-owned social media platform X is also home to prolific discussion around cryptocurrency.
What does decentralised actually mean?
Many people point towards cryptoโs decentralised nature as to why cryptocurrency has become so popular. Decentralisation means that crypto isnโt attached to a central institution like a national bank, which is intended to better protect the currency against national economic movements like increases in inflation. It gives investors complete control over their finances, removing the control that the bank holds in traditional forms of investment.
The Trump influence
Since taking office on the 20th of January 2025, Trump has been a vocal advocate of cryptocurrencies, undoing some of the former administration’s crypto restrictions in favour of lessening oversight. He placed those involved in crypto in some of the leading roles in the Securities and Exchange Commission (SEC), leading to concerns about impartiality.
During his presidency, more than a dozen SEC prosecutions and investigations targeting crypto companies have been abandoned or put on indefinite hold. On the 7th of April, he also announced that he was disbanding the crypto enforcement team established in 2022 over concerns for individual privacy. He followed that by announcing his own stablecoin, $TRUMP, and the formation of a national Bitcoin and digital assets reserve.
The impact of Trumpโs influence isnโt just felt across the pond; itโs more than likely to trickle down into the legislation we see in the United Kingdom. Weโve already seen the government streamline crypto regulations to bring them under the control of the Financial Conduct Authority, which manages other assets. It seems more than likely that weโre set to see legislation making investing in crypto easier in the UK.
How is crypto being adopted across industries?
Today, itโs not unusual to see crypto being accepted as a payment option in industries ranging from iGaming to e-commerce.
Many providers in the iGaming industry accept crypto as a payment option, allowing players to pay with the most popular cryptocurrencies. Theyโre such a popular option that there are even casinos which specialise in crypto payments.
What advantage does crypto offer iGaming players?
We spoke to Giuseppe Faraone, an expert in iGaming and the Content Resources lead at CasinoTopsOnline. Heโs one of the most trusted voices in the industry thanks to his 10-plus years of experience and the knowledge he gained from obtaining his degree in Communication and Digital Media. He had this to say about the adoption of crypto in the iGaming industry:
โI expect over the next few years that crypto will be offered as a payment method on more and more iGaming sites. Itโs a really convenient way for players to pay and the solution the industry has been looking for.โ
There are quite a few advantages for players who choose to use cryptocurrency, with the first being that they face lower fees when compared to bank transfers and card payments. Crypto is a global currency, so thereโs no need for complicated and pricey currency exchanges.
Another advantage is that transactions made using cryptocurrencies are much faster than other options, as payments often arrive within just a few minutes.
Improving security and transparency
Cryptocurrency payments rely on blockchain technology, which is a form of virtual ledger which records all transactions associated with a currency. The truly revolutionary thing about blockchain is that once transactions are recorded, they cannot be changed or removed. For many industries, this is a highly appealing and more transparent approach to doing business, which increases levels of trust.
Making waves in e-commerce
For industries like e-commerce, which deal with a lengthy supply chain, itโs a great way to do business in the open and keep everyone up to date with the different steps.
A Kaspersky study found that 44% of respondents think that cryptocurrency will become a common choice in online shopping and that 87% are happy to use digital money.
Retailers began adopting the payment method when e-wallet providers like PayPal and Square began incorporating it into their platforms. This allowed providers to offer crypto payment options without having to have all the infrastructure in place to support it as a separate payment method.
Crypto is currently accepted at major retailers throughout the country in industries such as hotels, flights, electronics, video games, marketing and automotive.
What does the future of cryptocurrency look like?
Many experts expect that Donald Trumpโs favourable crypto policies will push the currency further into the mainstream. Trump has declared on many occasions that he wants to make the USA the capital of the crypto world, but what does that mean?
The administration adopting crypto with such open arms will give investors assurance and go some way to subsidise the currencyโs high volatility levels. It will support the value of the currency, stabilising the frequent fluctuations in price that crypto experiences.
Ironically, in some ways, the United States government could act similarly to a central bank in helping to maintain the value of crypto, although without the same level of control.
Blockchain beyond crypto
Another thing we could see is elements of the crypto system being incorporated elsewhere, similar to what weโre already seeing with blockchain technology. All the advantages we mentioned earlier, including permanent and transparent records, make blockchain an appealing prospect for other industries, especially healthcare.
Healthcare is an industry where itโs absolutely essential that sensitive data is secured, which is why many providers are turning to blockchain. It also makes it easier for healthcare providers all along the chain, across different hospitals and areas, to understand the patientโs history. It should enable the industry to cut down on intermediaries used to relay the data, saving both time and money.
Crypto is on the rise
Healthcare isnโt the only industry interested in adopting blockchain technology; itโs also been trialled in real estate, voting and insurance.
The advantages of the technology behind crypto are prompting more industries to adopt cryptocurrencies. Crypto is no longer the fringe idea it was in the early 2010s. Itโs now a household name with the backing of the USA, which enjoys the worldโs biggest GDP. The support of these policies could lead to crypto being adopted in more industries in the future, or at the very least borrowing technology elements from the growing currency.
The above information does not constitute any form of advice or recommendation by London Loves Business for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency and staking involves risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
Leave a Comment