It may sound as if these two industries are from two different ends of the spectrum, but in reality, they are very similar. Regulations controlling the cannabis industry are relaxing and opening the doors to various entrepreneurial opportunities. Considering that cannabis products are becoming more mainstream and have several scientific studies verifying the many benefits of CBD, it should be no surprise that the worlds of cannabis and cryptocurrency are going to connect.
The same kind of people who are attracted to the CBD market are also the same type of individuals who are attracted to the cryptocurrency market. Both markets still have a great deal of confusion and hysteria connected to them. For CBD, the confusion comes from the misunderstanding that the cannabis family of plants includes marijuana and hemp plants. One can get you high and the other can’t and CBD is sort of a decaffeinated version of THC. THC comes from marijuana and contains the psychoactive properties that produce a high. CBD comes from the hemp plant and does not have psychoactive properties.
The hysteria surrounding the cannabis market comes from the many health benefits that have been associated with the ingestion of CBD. There’s also considerable hype regarding the many different forms that CBD is available to the average consumer. From CBD oil and gummies to topical creams and gels and vaping cartridges, CBD can be delivered into the system fast or over a period of time.
As for the cryptocurrency market, the confusion comes from the fact that there are now so many different digital currencies out there. Much like the word ‘Kleenex’ becoming the generic term to describe various brands of facial tissue, the best known of the cryptocurrencies – Bitcoin – has become the term used when references any form of cryptocurrency.
Looking at the hysteria that sometimes grips cryptocurrency, there is a lot of activity happening daily on the crypto trading market. Mining cryptocurrency has become an industry of its own as society slowly gets used to the idea that one day – maybe in the very near future – there will no longer be a need for cash. Instead, all our retail purchases, bill paying and entertainment needs will be paid with Bitcoins or some other cryptocurrency. Just like your credit or debit card, your cryptocurrency digital wallet will hold all your assets.
The Market Growth Factor
There is no denying that both the CBD and cryptocurrency markets are on growth curves. In the past couple of years, there has been substantial growth which has brought significant attention to each industry. The CBD market is expected to go through the rapid growth that Bitcoin experienced before cannabis became more mainstream. The numbers are astronomical but show a great deal of promise and faith regarding the direction of cannabis and the way the market may be shaped in the future.
Predictions put the CBD oil market at a value of $22-billion as the year 2020 continues. It is not only outpacing all other cannabis markets, but it is also being driven primarily by the legalization of the product. Currently, in the United States, there are a total of thirty-three states that have legalized it for either recreational or medicinal use. As a result, consumers are finding access to CBD oil products increasing as pharmacies, privately-owned dispensaries, and other retail outlets are surfacing all over the place.
With the removal of CBD and other low-THC cannabis products from the federal Controlled Substances Act – thanks to the 2018 Farm Bill – these products are not only easier to locate but they have been discovered by many more consumers. Their discoveries are being fueled by the amount of information floating around the internet and through mainstream media that have pointed to the many different health and wellness benefits that are part of CBD.
How CBD Compliments Crypto
The relationship between CBD and crypto is best explained by examining the complicated connection between the crypto world and wellness. Health startups are exploding and that comes from entrepreneurs seeking new ways to increase the efficiency of the worldwide healthcare system through technology. Silicon Valley is the center of both the crypto and technology universes.
However, the culture of Silicon Valley is a tough one to live in. Stress, unrealistic workloads, and burnout are commonplace.
This may be why crypto entrepreneurs are becoming attracted to CBD – to assist with the treatment of stress, anxiety and other symptoms that come from too much work and not enough play. Add to this the increasing amount of distrust aimed at the pharmaceutical industry due to the opioid crisis and plant-based treatments such as CBD oil products become a logical fit. Plus, because CBD-as-a-treatment is the equivalent to crypto and tech startup successes in the vein of seeking solutions that are anything more than traditional and you start to get the idea.
The Similarities Between Cryptocurrencies and CBD
Both industries have had explosive growth. Both are becoming mainstream players in their respective worlds. Both are still struggling with regulators for mass appeal. However, some barriers are either coming down or are not as difficult to navigate as they once were. Ultimately, the benefits of both the business and consumer markets make crypto and CBD natural options that are going to continue to evolve until they are considered the norm as opposed to being the exception.
We are in a very different world these days. The way we treat certain health concerns has been changing over the past few decades to where supplementation is not an unusual remedy. This has paved the way to assist the cannabis market to gain access to the mainstream. How we pay bills and buy things changed decades ago with debit cards, credit cards, and online banking. This opened the doors for digital monies such as Bitcoin. Cryptocurrencies are increasing in numbers as well as value and have changed the way we spend. It has also helped tremendously in shaping the CBD industry to what it is now and what it can soon become.