The main reason crypto adoption is lagging behind is not due to crypto itself

People often come with some pretty wild accusations like: “Bitcoin is only good for speculation”, “What can you actually do with it?” and many more nonsense claims.

But if we really think about it; what are the real reasons crypto is facing adoption issues? I’m arguing that crypto itself isn’t the issue.

Cryptocurrencies first appeared with the clear intent of being currency. Tender that instead of being backed by a central issuer, was instead issued (minted) by the people who participated in the ecosystem and provided security.

Instead of having a central leadership, a lot of decisions are made by miners voting via providing hashrate to the iterations of the project they saw as “the best”. This was very much a thing, and heavily debated up until 2017.

The system also pays, what I would claim to be a “tax” to the miners who provide a service in maintaining the integrity of the system.

The system is made to be a complete stand-alone, not needing any intervention from governments or centralized authorities.

With that argument in place, I’d like to raise the question; why did cryptocurrencies collectively get labeled as investments, and therefor under regulatory scrutiny by the enterity of the worlds governments?

I think there’s a lot of answers; ranging from greed, a desire to tax anything that appreciates, a result of how most people see it, but my own personal opinion is a much more sinister one trumps all of those obvious ones.

If it’s treated an investment vehicle, it’s basically useless as a currency. Because it’s taxed, highly regulated, under extreme scrutiny and with an uncertain future, no one will want to accept it, and no one could be forced to accept it.

If it had gotten it’s rightful place as a currency, it would be extremely attractive, as it would remove all need for the dollar being the reserve currency of the world.

Oil trades could be settled in BTC.

All national currency exchanges could be avoided by using BTC internationally.

Governments could end up losing the vote and be forced to adopt a transperant fiscal system.

It all ended when cryptocurrencies and especially BTC got labeled an investment and not a currrency.

And for those saying: “but it’s made to go up in value?” Yes, but that’s because it’s a very slowly inflating currency, whereas most FIAT currencies are rapidly inflating. It’s literally all in the Bitcoin whitepaper.