{"id":328461,"date":"2024-10-08T14:25:32","date_gmt":"2024-10-08T14:25:32","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&#038;p=328461"},"modified":"2024-10-08T14:25:32","modified_gmt":"2024-10-08T14:25:32","slug":"blackrock-jay-jacobs-cryptocurrency-adoption-fastest-growing-tech-in-years","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/blackrock-jay-jacobs-cryptocurrency-adoption-fastest-growing-tech-in-years","title":{"rendered":"Cryptocurrency Adoption \u2018Fastest-Growing Tech in Years\u2019, Says BlackRock Executive"},"content":{"rendered":"<p><a href=\"https:\/\/www.techopedia.com\/introduction-to-blockchain\">Blockchain technology<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/6702\/digital-currency\">digital currencies<\/a> are emerging as one of the fastest-growing technologies, even surpassing historical adoption rates of major innovations like <a href=\"https:\/\/www.techopedia.com\/definition\/2419\/internet\">the internet<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/2955\/mobile-phone\">mobile phones<\/a>, according to a BlackRock executive specializing in thematic investing.<\/p>\n<p>&#8220;<strong>This is one of the fastest-growing technologies we&#8217;ve seen in the last few years,&#8221;<\/strong> Jay Jacobs, the U.S. Head of Thematic and Active ETFs at BlackRock, said <a href=\"https:\/\/www.youtube.com\/watch?v=uCl80AVw7Jo\" target=\"_blank\">during the Digital Assets Conference Brazil 2024<\/a>.<\/p>\n<p>Jacobs noted that the economy is more connected than ever before in <a href=\"https:\/\/www.techopedia.com\/definition\/23371\/digital-revolution\">the digital age<\/a> and said that the world&#8217;s consumption patterns have shifted online, with people engaging in activities like streaming, <a href=\"https:\/\/www.techopedia.com\/gaming\">gaming<\/a>, and buying digital content.<\/p>\n<p>&#8220;If we&#8217;re consuming things online, streaming videos, playing video games, buying digital content, it makes sense to have digitally native assets to conduct those transactions,&#8221; he said.<\/p>\n<p><a href=\"https:\/\/www.techopedia.com\/who-owns-the-most-blk-stock\">BlackRock<\/a> also shared a chart indicating the adoption trajectory of blockchain and digital currencies. The chart showed a steeper growth curve for digital assets compared to the internet or mobile technology.<\/p>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"declining_trust_in_institutions_drives_demand_for_digital_assets\"\n                               onclick=handleScrollToTitle(\"declining_trust_in_institutions_drives_demand_for_digital_assets\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Declining Trust in Institutions Drives Demand for Digital Assets<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"stream_2024_dac_2024_digital_assets_conference_brazil_2024_here\"\n                               onclick=handleScrollToTitle(\"stream_2024_dac_2024_digital_assets_conference_brazil_2024_here\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Stream 2024 DAC 2024: Digital Assets Conference Brazil 2024 Here<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"millennials_and_gen_z_lead_in_terms_of_adoption\"\n                               onclick=handleScrollToTitle(\"millennials_and_gen_z_lead_in_terms_of_adoption\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Millennials and Gen Z Lead in Terms of Adoption<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"ease_of_access_and_maturation_further_drive_crypto_adoption\"\n                               onclick=handleScrollToTitle(\"ease_of_access_and_maturation_further_drive_crypto_adoption\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Ease of Access and Maturation Further Drive Crypto Adoption<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"declining_trust_in_institutions_drives_demand_for_digital_assets\"\n                                   onclick=handleScrollToTitle(\"declining_trust_in_institutions_drives_demand_for_digital_assets\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Declining Trust in Institutions Drives Demand for Digital Assets<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"stream_2024_dac_2024_digital_assets_conference_brazil_2024_here\"\n                                   onclick=handleScrollToTitle(\"stream_2024_dac_2024_digital_assets_conference_brazil_2024_here\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Stream 2024 DAC 2024: Digital Assets Conference Brazil 2024 Here<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"millennials_and_gen_z_lead_in_terms_of_adoption\"\n                                   onclick=handleScrollToTitle(\"millennials_and_gen_z_lead_in_terms_of_adoption\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Millennials and Gen Z Lead in Terms of Adoption<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"ease_of_access_and_maturation_further_drive_crypto_adoption\"\n                                   onclick=handleScrollToTitle(\"ease_of_access_and_maturation_further_drive_crypto_adoption\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Ease of Access and Maturation Further Drive Crypto Adoption<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                                    <\/ol>\n            <\/div>\n            <div class=\"toc-sticky__container__disperse\"><\/div>\n        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pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"declining_trust_in_institutions_drives_demand_for_digital_assets\">Declining Trust in Institutions Drives Demand for Digital Assets<\/span><\/h2>\n<p>Jacobs claimed that the rise of <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrencies<\/a> is largely linked to <strong>declining trust in traditional institutions<\/strong>. Across the world, skepticism towards governments, financial institutions, and central banks has been on the rise.<\/p>\n<p>In an April <a href=\"https:\/\/news.gallup.com\/poll\/643598\/leader-loser.aspx\" target=\"_blank\">analysis<\/a>, American analytics and advisory company Gallup revealed that approximately <a href=\"https:\/\/news.gallup.com\/poll\/643598\/leader-loser.aspx\" target=\"_blank\">68% of Americans lack confidence in their national government<\/a>. Confidence in the judiciary stands at a low 42%.<\/p>\n<p>With citizens questioning the stability of their national currencies and traditional financial systems, digital assets have emerged as a potential alternative. Jacobs said:<\/p>\n<blockquote><p>&#8220;Whether that&#8217;s trust in government institutions for maintaining peace and order [or] whether that&#8217;s trust in central banks in terms of keeping inflation under control. More distrust has exacerbated the need for a global monetary alternative.&#8221;<\/p><\/blockquote>\n<p>The BlackRock executive added that cryptocurrencies, including <a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\">Bitcoin<\/a> and <a href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\">Ethereum<\/a>, present an attractive option for those seeking <a href=\"https:\/\/www.techopedia.com\/definition\/decentralization\">decentralized<\/a> and transparent alternatives to state-controlled monetary systems.<\/p>\n<h2><span id=\"stream_2024_dac_2024_digital_assets_conference_brazil_2024_here\">Stream 2024 DAC 2024: Digital Assets Conference Brazil 2024 Here<\/span><\/h2>\n<p><iframe title=\"DAC 2024: Digital Assets Conference Brazil 2024 \/\/ EVENTO ONLINE\" width=\"580\" height=\"326\" src=\"https:\/\/www.youtube.com\/embed\/uCl80AVw7Jo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2><span id=\"millennials_and_gen_z_lead_in_terms_of_adoption\">Millennials and Gen Z Lead in Terms of Adoption<\/span><\/h2>\n<p>Millennials and <a href=\"https:\/\/www.techopedia.com\/gen-z-trends-in-tech\">Gen Z are driving<\/a> the adoption of digital assets, Jacobs said during the conference.<\/p>\n<blockquote><p>&#8220;And millennials are very different from previous generations because they, we, me, were the first generation to be digitally native, growing up with the internet, growing up with computers.<\/p><\/blockquote>\n<p>BlackRock&#8217;s analysis highlighted that younger generations are significantly more likely to hold and <a href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-auto-trading-platforms\">trade crypto assets<\/a> than their predecessors. This trend is expected to grow as these generations continue to gain financial influence.<\/p>\n<p>A YouGov research from April also supports this finding. The survey, <a href=\"https:\/\/blog.bitpanda.com\/en\/bitpanda-research-who-are-europes-crypto-investors\" target=\"_blank\">commissioned by crypto exchange Bitpanda<\/a>, revealed that Gen Z and Millennials are at the forefront of cryptocurrency adoption in Europe.<\/p>\n<h2><span id=\"ease_of_access_and_maturation_further_drive_crypto_adoption\">Ease of Access and Maturation Further Drive Crypto Adoption<\/span><\/h2>\n<p>The ease of access to digital wallets, <a href=\"https:\/\/www.techopedia.com\/definition\/decentralized-finance-defi\">decentralized finance platforms (DeFi)<\/a>, and crypto exchanges has further facilitated the adoption of cryptocurrencies.<\/p>\n<p>Moreover, the maturation of the infrastructure supporting digital assets has played a crucial role in this rapid adoption, the executive said.<\/p>\n<p>Over the past few years, substantial investments have flowed into the sector from venture capital and private equity.<\/p>\n<blockquote><p>&#8220;We&#8217;ve seen billions of dollars move for inventor capital and private equity into digital assets to fund incredible innovation in blockchain.&#8221;<\/p><\/blockquote>\n<p>For instance, in the second quarter of 2024, crypto startups managed to <a href=\"https:\/\/www.crowdfundinsider.com\/2024\/08\/228710-crypto-fundraising-reportedly-increased-in-q2-2024-as-startups-secured-2-7-billion-across-503-deals\/#:~:text=In%20Q2%202024%2C%20crypto%20fundraising,an%20extensive%20report%20from%20PitchBook.\" target=\"_blank\">attract $2.7 billion<\/a> in funding across 503 deals, marking a 2.5% increase in invested capital.<\/p>\n<p>Jacobs also noted that there have been some notable <a href=\"https:\/\/www.techopedia.com\/crypto-regulations-inside-the-global-landscape\">regulatory improvements<\/a> in the world of digital assets. As governments and regulators provide clearer guidelines around the trading and custody of cryptocurrencies, it has become easier for institutional investors to participate in this market.<\/p>\n<p>Despite the rapid growth of digital assets, the executive emphasized that this is still the early phase of a long-term trend. The <a href=\"https:\/\/www.techopedia.com\/definition\/market-cap-market-capitalization\">market capitalization<\/a> of cryptocurrencies, which stands at around $2.9 trillion, is relatively small compared to traditional markets.<\/p>\n<p>Yet, the focus remains on the two dominant digital assets, <a href=\"https:\/\/www.techopedia.com\/who-owns-the-most-bitcoin\">Bitcoin<\/a> and <a href=\"https:\/\/www.techopedia.com\/who-owns-the-most-eth\">Ethereum<\/a>, which together account for about 75% of the digital asset market cap.<\/p>\n<p>&#8220;We feel that between these two assets, which represent about 75% of the market cap of the digital assets space and have some of the most liquidity in the digital assets space, we can really start to make headway in terms of bringing out accessible vehicles to more investors.&#8221;<\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>The shift in digital consumption and declining trust in traditional institutions has fueled the rapid adoption of blockchain technology and digital currencies, even outpacing the adoption rates of technologies like the internet.<\/p>\n<p>With the younger generations growing up as digital natives, it makes far more intuitive sense to them to have digital currencies \u2014 will the world bend to their views and see the benefits that decentralized and non-state-owned currencies can bring?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain technology and digital currencies are emerging as one of the fastest-growing technologies, even surpassing historical adoption rates of major innovations like the internet and mobile phones, according to a BlackRock executive specializing in thematic investing. &#8220;This is one of the fastest-growing technologies we&#8217;ve seen in the last few years,&#8221; Jay Jacobs, the U.S. Head [&hellip;]<\/p>\n","protected":false},"author":286581,"featured_media":328493,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2140],"class_list":["post-328461","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cryptocurrency Adoption \u2018Fastest-Growing Tech in Years\u2019, Says BlackRock Executive<\/title>\n<meta name=\"description\" content=\"Jay Jacobs, the U.S. Head of Thematic and Active ETFs at BlackRock, spoke about the dramatic explosion in blockchain use.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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