Mass Adoption Another 8 Years?
This is an interesting chart showing the mass adoption of the internet vs Cryptocurrency. I understand the two parallels with the thought of the both taking 14 years for mass adoption to take place. There are some major differences however and this has to be put into context.
The internet didn't threaten the current financial system as we know it and in many cases the infrastructure had to be built for users to be able to use the internet. This took time and Crypto would obviously benefit from having a mass adopted internet system already in place.
The FUD created due to the fear of losing out to a new disruptive technology has held Cryptocurrency back. This is obvious as the negative news we have all witnessed over the last 5 years has all been about being delay tactics whilst the institutions/Governments in charge work out what they are going to do about this new problem.
This is not something small that you can throw some BS and it sticks resulting in the problem disappearing. Cryptocurrency is going to change so many things and the fear is that many of the controlling bodies will lose their control and power.
With the financial mess we see currently which the Governments around the world have created on their own accord mass adoption and Cryptocurrency could happen a lot sooner than later. Imagine being forced to get out of your own FIAT currency into Crypto to protect your wealth? The Crypto adoption cannot be compared to the internet as what Crypto offers is vastly different.
When countries are turning to Crypto as a solution for payments you just know the current system is broken and needs to be changed. Unfortunately Crypto has been manipulated so much via FUD propaganda it may take some time for the gullible to realise this.
This again may be faster as just over the last few days we have seen so many truths appearing with specialists stating the Covid vaccine was never going to save lives and another gem stating we are not in a recession. How much manipulation and lying can Governments get away with as even an uneducated person would start to question what they are now hearing.
Crypto being mass adopted could literally happen overnight and don't see the time line of another 8 years. When people are pushed to the brink and there is an alternative solution what do you think will happen? The internet was first seen as a new information/entertainment option by the masses whereas Crypto actually solves financial problems.
I know where I live in South Africa many are sick and tired of being controlled on how much foreign currency they are allowed as the Government restrictions are severe. This is holding everyone back from doing business or looking after their financial futures. Thankfully Cryptocurrency solves this as having your own portfolio the need for asking permission for foreign capital has been removed. The power is moving back into the individuals pockets and that is what the Governments around the world are worried about.
Mass adoption can happen very quickly especially with the economies the way they are as people are desperate. A recession in some ways is a good thing for Crypto as this could be the perfect storm that Crypto needs to move to the next level. I don't see the 8 years as this is so different to other technologies in the past and see the time gap being shortened quite considerably out of necessity and desperation. Crypto is not a phone or a television and just cannot be compared to other mass adoption time line charts like the internet.
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Very interesting study! Thanks for sharing.
I don't think it is going to take 8 years to get to a billion in crypto from here, since it is piggybacking on the internet itself, that already has so many users. But, it is going to be hard to know exactly how many are using it, what is the way to measure?
I agree with that plus with the launch of the Enterprise tokens that certain companies are involved with in 2 months time many more will be introduced to crypto. I have no clue how this is measured as we can see on Hive some users have far more than 1 account. I suppose once it becomes that big it will be more obvious and better than a thumb suck as what data do they use to pin it at the current number.
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Very true , the internet I must say has played a sole role in what crypto had achieved over the years
1 Billion users? This could go a lot faster as the biggest adoption is in emerging markets where the most people live… I think the adoption rate in established markets will go a lot slower though, especially with the current bear at the helm.
It's cool how critical mass just all of a sudden happens.
I think back to when I was in high school and how niche having a social media account was.
The majority didn't get it or most importantly, didn't want to get it.
But now literally every single person has a social profile of some sort sitting somewhere online.
Crypto wallets and the integration of Web3 accounts is going to be exactly the same.
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The top chart depicts the number of cryptocurrency holders. Web3 is a different thing altogether, a subset of cryptocurrency in terms of where it's at on this chart. While I believe crypto is certainly headed for mass adoption and will likely get there by 2030, Web3 is going to take a little longer. It's probably a decade behind crypto, but could reach mass adoption within five years of crypto achieving it.
I hope 8 years isn't the case. I'd like to see some movement much sooner than that. 8 years seems like a lifetime at this point!