Mass Adoption of Cryptocurrencies is a New Direction for the Development of the Global Financial Market

Abstract

The emergence of cryptocurrencies as a dominant vector of development in the global financial market has had a significant impact on the modern system of monetary relations. This article provides an in-depth analysis of the process of mass adoption of cryptocurrencies and its direction of movement, examining objective indicators characterizing the growth rate of adoption. The study also assesses changes in the global index of adoption of cryptocurrencies over the past two years and ranks the leading countries adopting cryptocurrencies. The article explores the reasons behind the mass adoption of cryptocurrencies worldwide and analyzes changes in the global value of the crypto market over the past two years. The study then formulates global-level factors that have a significant impact on the widespread introduction of adoption of cryptocurrencies. Furthermore, the article provides a comprehensive characterization of decentralized finance as a novel financial services system that utilizes blockchain technology as its foundation. Additionally, the study examines the range of financial services offered by crypto platforms and evaluates their respective capabilities. The results of the study provide insights into ongoing changes in the cryptocurrency market and their direct impact on the modern system of monetary relationships, as well as potential developments in the financial market and the global economy.