The Bitcoin boom is, well, booming, with the world’s best-known cryptocurrency recent hitting a market cap of $1 trillion. This has caused both excitement and concern. Everyone is wondering if it’s a bubble or a breakthrough. This surge shows growing mainstream cryptocurrency adoption. Experts like Naeem Aslam, chief market analyst at AvaTrade, expected this rise. He believes it “was long coming” and says we are only 10 times away from surpassing gold’s market cap.

While many industry players are still raising sceptical eyebrows at the volatility of the market, with JP Morgan scoffing that Bitcoin is an “economic sideshow”, there’s no denying the cultural and commercial implications of the cryptocurrency’s success. The fact that it’s gained more than 60% in February alone is a reflection of the recent rush of real, tangible interest in its potential – most notably, Tesla snapping up

$1.5 billion of the currency, and also suggesting it will soon start accepting bitcoin payments for its cars.

This would make it the first auto manufacturer to do so. It would cause many people to realize Bitcoin is a practical currency, not just for tech nerds, finance bros, or billionaire speculators.

This is a game-changer for Bitcoin’s mainstream visibility. But similar shifts are happening with other big brands. Mastercard recently announced support for certain cryptocurrencies on its payment network. A senior executive there said we are entering a new era.

“Whatever your opinions on cryptocurrencies – from a dyed-in-wool fanatic to utter skeptic – the fact remains that these digital assets are becoming a more important part of the payments world,” he wrote. “We are preparing right now for the future of crypto and payments.”

Cryptocurrency Adoption Grows with PayPal and Crypto Casinos

Then there was the announcement from PayPal, late last year, that it would be allowing US customers to buy, sell and spend cryptocurrencies including Bitcoin through its platform. Crucially, the service converts crypto into fiat currency at the moment of purchase, which means PayPal account holders can use their digital coins to purchase items and services even from vendors who don’t yet accept crypto.

The Tesla news, and the integration of cryptocurrencies with payment services like PayPal, Neteller and Skrill, surely suggests that more and more businesses will start to accept the likes of Bitcoin as payment. As it stands, people have been paying particular attention to the growing popularity of cryptocurrencies in the gambling industry.

Some well-established mainstream casino and betting sites already support Bitcoin. They also offer traditional deposit and withdrawal methods like debit cards and e-wallets. A new generation of crypto casinos has also emerged. These casinos deal exclusively in digital currency and use blockchain technology to provide strong anonymity to gamblers. Personal details aren’t required to play at these casinos.

This side of the gambling industry is still in its infancy. For example, in the UK, you can’t yet legally access crypto-fuelled casino sites. They haven’t been sanctioned by the Gambling Commission. Still, this will likely change in the years to come. Despite all the hype, we’re in very early days for both Bitcoin betting and mainstream cryptocurrency adoption.

It should be noted that, like any new technology with world-changing potential, there will be debates on how to roll it out properly. Take Mastercard’s recent cryptocurrency announcement. While it sounded excited, the company also stressed that not all cryptocurrencies will be supported on their network. Many digital assets still need to improve compliance measures to meet requirements. Tech journalist Timothy B. Lee pointed out it’s hard to be both decentralized and regulated.

“Bitcoin’s open architecture and lack of red tape makes it a fertile platform for innovation and a check on the power of governments,” he wrote in Ars Technica. “But these same characteristics make the network a nightmare for financial institutions that do need to offer consumer protections and comply with money laundering laws.”

Challenges and Regulations in Early Crypto Gambling Adoption

Still, these are mere details in the grand scheme of things. Cryptocurrency is no fringe interest anymore. Elon Musk, the world’s richest person, has openly shown his support for crypto. Major financial institutions are also integrating cryptocurrencies into their platforms. This shows that a strong foundation for mainstream cryptocurrency adoption has been built. Now, it’s a matter of waiting to see how business leaders and lawmakers respond. They will have to address issues like crypto regulation and the environmental impact of Bitcoin mining.

To quote Daniel Ives, analyst at Wedbush Securities, “the trend of transactions, Bitcoin investments, and blockchain driven initiatives could surge over the coming years as this bitcoin mania is not a fad in our opinion, but rather the start of a new age on the digital currency front.”