Kratom and Cannabis are becoming massively popular, and the industries surrounding them are booming. However, the banking industry is commonly shutting down accounts associated with Kratom and Cannabis vendors, which is a perfect opportunity for Bitcoin (BTC) adoption.
First some background. Kratom is a tree from Southeast Asia, particularly Indonesia, and its leaves have opioid properties. 15 million Americans use Kratom for chronic pain, drug addiction management, and mental health issues, and it is extremely safe, with zero scientifically proven deaths in history.
As for Cannabis, it has become legal in most of the country and is wildly popular. Simultaneously, CBD was legalized nationwide in December 2018, as well as Hemp, which is Cannabis that has less than 0.3% THC. Millions of Americans are finding that Hemp/CBD provides lots of benefits, while simultaneously not being intoxicating.
Despite the fact that Kratom and Cannabis/CBD/Hemp are legal, and there are many thousands of businesses distributing these products and tens of millions of users, banks have shunned this industry. It is extremely common for accounts related to these industries to be closed, if not seized, and usually Kratom and Cannabis/CBD/Hemp vendors have to struggle and jump through all sorts of hoops to obtain a working bank account, and even then the account usually is banned after several months.
This is a major opportunity for crypto adoption. Cryptocurrency, especially Bitcoin (BTC), provides instant and secure payments, and best of all it is decentralized. No matter how much business a Kratom or Cannabis/CBD/Hemp vendor does, their Bitcoin (BTC) account will never be closed, giving them stability.
Also, there are numerous mechanisms, like Coinbase, BitPay, and Bitcoin ATMs which make it easy for customers and vendors to move funds back and forth between Bitcoin (BTC) and USD. This is critical since any individual or business can now easily adopt crypto without encountering difficulties when moving funds between crypto and USD.
Essentially, the Kratom and Cannabis/Hemp/CBD industries desperately need a stable payment processing solution, and it is obvious that Bitcoin (BTC) fills that gap. Indeed, most vendors in these industries now accept crypto.
Ultimately, the crypto adoption occurring in the Kratom and Cannabis/Hemp/CBD industries could be a major force for overall global crypto adoption, since tens of millions of people in the United States alone use these products, and everyday new crypto users are being created inside of these industries.