S&P Global says cryptocurrencies have become mainstream and appear to be here to stay, as more companies are offering crypto services and adoption is growing worldwide. Meanwhile, an S&P analyst believes that bitcoin’s rise is reminiscent of the U.S. gold rush.

S&P Global Says Bitcoin Has Become Mainstream

Financial information and analytics firm S&P Global released a special report on the current condition of cryptocurrencies last week. It states:

Once considered an alternative trend, cryptocurrencies have become mainstream and appear here to stay.

The report references a number of factors, such as legacy banks taking “a closer look at the asset class that could be integrated into the products and services offering” and companies like Paypal beginning to offer cryptocurrency services. Crypto adoption is also growing in countries where people “seek to protect their income against inflation and currency controls” or for faster and cheaper remittances.

In addition, Jim Wiederhold, S&P Global’s associate director