Considering the last year's market stats and developments I think there were just a few bitcoin adoption progress. Even some of the small Bussniess that entered the golden time of the cycle took a wise exit from the market due to Bear Pressure. I am very hopeful for the year 2023 let's see which big developments are going to happen in the year 2023. Currently, the market is stuck between the hands of the Bears and the Bulls. February is going to play an important role in the whole domain.
One major reason that have pulled bitcoin's adoption some few steps backward is the hacks and crises experienced in the year 2022 and some other previous experience, I can tell you that many are still very skeptical about the future of bitcoin and cryptocurrencies in general, many are afraid that the government of the world might wake up one morning and declare war against anyone suspected to be a bitcoin or crypto holder, which will result in a big dump that will crash the price of bitcoin and crypto and probably end the industry.
But this is never going to happen, bitcoin is here to stay and I can tell that it's adoption is growing, though might not be as fast as we want it, but slow and moving forward is always better than stagnant or fast and moving backward.
The governments around the world can wake up one morning and declare war, but that won't change much. That's empty words by any government as we have already seen. Take as an example climate change. While some of the governments are complaining about Bitcoin's "gigantic" contribution to climate change, it is obviously impossible to get governments around the world to work cooperatively against climate change anyway. Not that they are doing nothing, but many governments are putting their own interests above all others. The same will happen if government 1 out of 195 declares war on crypto. Even if there are 150 governments declaring war, there will be another government out of the remaining 45 saying "hey, we are fine with building an innovative industry in financial technology, just come to us!".
You would have to have a legal framework equally applicable and enforceable all around the world. Is there just a single example where you have seen that such a utopian scenario works out?
I implied myself with the word "utopian" that it is not going to happen.
Bitcoin is not just a gimmick without any potential whatsoever. Even if someone doesn't like it or doesn't trust it, most people still have an uncertain feeling deep down that the technology is probably going to play a role in our lives one way or another.
We have also already crossed the point of no return in terms of the industry's scale in my opinion. Even if the vast majority of governments was against it, it is already too attractive to become a host for the industry in order for every single government to refrain from taking the opportunity.
Bitcoin adoption is also not just the number of wallets. Now in the most narrow meaning of the word "adoption", it kind of comes down to the number of individual users. But adoption can also mean when people decide to build infrastructure, like a company could decide to build rails for trains that can't be used by individual people yet. But adoption is still growing overall even when it's on the investment side of things. And that is clearly what is constantly happening with Bitcoin.