Investors should understand that blockchain technology is now being adopted on the ground and used to conduct transactions by consumers as well as businesses, making it simple for consumers to comprehend how beneficial the movement is.
Larry Fink, the CEO of BlackRock (NYSE:BLK), recently jumped on board, stating that he sees massive opportunities in the sector. He did, however, state that he is unsure how digital assets will perform in the long run, and that his viewpoint is more similar to that of Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), who believes that cryptocurrencies themselves are valueless, but because many consumers disagree, markets have been formed.
Consumers should keep in mind that it is no longer difficult to understand how digital assets can be used practically, as seen in El Salvador, which has declared Bitcoin to be legal tender. Similarly, BlockFi launched a Visa-backed credit card, and the results are astonishing.
According to the company, the average BlockFi card holder will spend $30,000 per year. According to company projections, BlockFi cardholders are likely to spend more than $2 billion annually, while Visa (NYSE:V), American Express Company (NYSE:AXP), Discover Financial Services (NYSE:DFS), and Mastercard (NYSE:MA) earn $6.479 trillion annually on their cards.
This demonstrates the vast market upon which digital assets can capitalize.