Since 2009, criminals have connected cryptocurrency to over $2.5 billion worth of dirty money. It has also been used to hide identities while transacting for some illegal purposes over dark web. Development of such negative use cases is a core reason as to the anti-narrative against bitcoin which further translates into lack of adoption and acceptance as a form of payment.
Kyle Asman, partner at BX3 Capital Investment Advisory shared his opinion with BlockPublisher that BTC price is one of the most dominant factors to process mainstream adoption of cryptos among masses. He said;
BTC price is one of the most important things for mainstream adoption. Everytime the price of BTC falls, interest in the market drops off. We saw a peak in new wallets, and volume when Bitcoin made its run to $20,000 in December of 2017.