The time is here. The global crypto market cap has reached the $1 trillion mark. $1 trillion is not a big number for the crypto market, but you are probably wondering the number of zeros it has. With Bitcoin crossing new milestones, and the crypto market cap hitting $1 trillion, it is a vivid sign of massive adaptation of cryptocurrencies worldwide. And with a captivating market like this, imagine the benefits it is going to bring to the economy of any country.
With the crypto market cap crossing $1 trillion at the time of writing, it clearly states that starting 2021, the next few years will be a big win for the crypto space. The 2020 pandemic drastically affected the industries and the economies of almost every country, but it only boomed the crypto and blockchain industry.
Global Crypto Market Cap will soon overtake the entire GDP of most Countries
If we talk about other countries, then the $1 trillion mark means it will be almost equal to the GDP of Brazil and Canada, which are the 9th and 10th largest economy in the world respectively. Such has been the success and acceptance of cryptocurrencies all over the world, that it only seems upwards and onwards from here for the crypto industry. The Trillion mark itself will bring the crypto industry to a place where it will hold more value than the economy of most countries in the world. And with the number of investments increasing rapidly every day in the crypto space, $1 trillion looks like just the tip of an iceberg. Having said that, is it not time that we finally accept the cryptocurrency in the mainstream market? As the countries that will be to adopt cryptocurrencies first will benefit the most from it.
From the World’s Largest Economies to Crypto Leaders
When the Cryptocurrency Act of 2020 was introduced in the U.S., a congressman from Arizona said, “It’s crucial that America remains the global leader in cryptocurrency.” This statement evidently talks about the acceptance of cryptocurrencies in the United States. It is one of the leading countries to not only make cryptocurrencies legal but also to implement them in mainstream markets. The act was made to clarify any confusion regarding cryptocurrencies and make it easier for businesses and institutions that want to invest in cryptocurrencies.
The implementation has affected the economy, and the crypto job market has seen a huge surge in the U.S. An Economic Research report stated that there were almost 1,775 job openings in the U.S, and it included terms like “Bitcoin,” “cryptocurrency,” and “blockchain.”
Moreover, recently the U.S. Office of the Comptroller of the Currency has granted permission that banks are allowed to conduct payments and transactions using stablecoins.
So, the bottom line that we need to take from here is that the world’s largest economy is among the leading crypto leaders of the world.
Moving to Japan, which is the world’s third-largest economy with a GDP of $5.08 trillion, is also one of the most active countries when it comes to investments in cryptocurrencies. It has one of the most progressive environments when it comes to cryptocurrencies. Japan recognizes Bitcoin and other digital currencies as legal tender under the Payment Services Act. It has one of the booming crypto industries. According to the reports, in 2018, Japan had over 3 million crypto traders.
The $1 Trillion Mark Means a Lot for the Indian economy
The milestone of $1 trillion is a big win for the crypto space. The current GDP of India is 2.7 trillion. Now that the crypto market cap has reached the $1 trillion mark, it is almost half of India’s entire GDP. Due to the COVID-19 Pandemic, India’s GDP shrunk by 23.9 percent in the first quarter of the financial year 2020-21. Imagine the growth crypto space would have brought to the Indian economy had it been legalized and accepted widely all over the country in the mainstream market.
Recently, the Indian government introduced a proposal to impose 18% goods and services tax (GST) on Bitcoin transactions. It could generate around Rs 7,200 crore per annum for the government. Not to forget that the Indian economy is seeing a steep downfall over the past few years.
India is just an example here, with the acceptance of cryptocurrencies it is undeniable that the market of every country will boom.
Now Is the Time to Accept the Crypto Industry
Now is the time to invest in cryptocurrencies. Big investors like JPMorgan Chase have not only changed their views towards Bitcoin and other cryptocurrencies but have provided banking facilities to crypto exchanges. Tesla’s CEO Elon Musk has even tweeted saying “Bitcoin is my safe word.” He often takes it over Twitter to show his support for cryptocurrencies, especially Bitcoin. Therefore, it is high time that countries start taking their advice and comments seriously, and finally accept the world of cryptocurrencies.
Now, with all these big numbers, it is time that we ask ourselves, which country could ban a captivating industry like this? This bull run is here to force a lot of countries to legalize the crypto industry.