I don't think it is the time for mass adoption yet.
More than 99% of people don't understand the banking system. More than 99% of people don't understand cryptocurrencies.
Less than 1 % who think they understand the banking system, they don't see it live in front of them but understand the workings.
Less than 1 % who think they understand cryptocurrencies, they cannot differentiate between a decentralized cryptocurreny and a centralized one.
It's too much to expect from people to adopt something they don't even understand.
During a global financial crisis, people are hoping to survive. With the mainstream media holding their attention and the effects of global lockdown surrounding them, they want to move out of the crisis.
They have no choice but to do what the government says. Banks are slashing the reserve ratios to increase the supply and indebt the public to deal with the financial catastrophe.
As most people don't understand it, they won't risk anything and would depend upon the government guidelines. A small percentage will care to study and educate themselves and they will consider and most likely adopt the decentralized supply side by side.
For most people, banks will multiply the money supply with the further decreased reserve ratio, which is not going to increase back to what it was even when the crisis gets over.
The economic shock will make people avail the loans like never before and this trend will continue for many years in the new economy.
The adoption of cryptocurrencies will be there but true adoption of decentralized supply will always remain slow and steady as people should be wanting to educate themselves. That's what I believe.
People don't need to understand it. They just have to have it slipped underneath them.
Getting the West to onboard, such as in sheltered places like the UK, has been difficult, compared to places where banking and getting capital is difficult.
The system shocks will probably accelerate the adoption of cryptocurrencies, and could lead to a dramatic increase in HIVE users for example. If a critical mass of people onboarding in places like the UK is reached, this will lead to mass adoption across the country, and spread to other countries.
Time will tell.
It appears that the third world nations will end up leading in adoption. If a place like the UK could get a significant percentage of the population using crypto, say 4%, that would be enormous.
However, the adoption rate might increase due to the financial shock to the entire planet.
Hopefully we see an increase in activity ongoing. This is too important to get lax with.
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I've been targeting certain independent excellent content creators with big followings in the UK. I'm hoping to at least get one to join. Should hopefully lead to a storm of their followers joining, as well as other similar content creators doing the same. Just need to get someone to make the initial leap to open the floodgates. So far it seems promising, with some seeming interested and saying they will look into it.
Yes all helps. Getting a couple big fish would open up the floodgates.
I am presently trying to attract some with decent followings in the financial arena to use Leofinance. It is tough because you need to get with someone who understands cryptocurrency which few do.
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Actually the exact opposite is happening. Banks are not lending and they are increasing their reserves across the board. Hundreds of billions the Fed pushed out is just sitting in the banks. They are already increasing lending standards which is also reducing it. The mortgage market in the United States, for example, was basically frozen.
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https://in.reuters.com/article/us-china-economy-rrr-cut/china-pumps-79-billion-into-economy-with-bank-cash-reserve-cut-idINKBN2101B3
Banks are slashing the reserve ratios.
Central banks cutting the reserve ratio does not mean banks follow through.
All the major banks are raising funds while in expectation of rising bad debts as loans turn bad. They are also increase lending standards which slows lending.
The Keynesian view of the world is misplaced. Central banks think they control the economy but the reality is they cannot for demand and banks will operate in their own best interest.
Here is BOA who raised $26 B. This is in addition to the $66 billion set for bad loans.
http://investor.bankofamerica.com/news-releases/news-release-details/bank-america-has-raised-26-billion-capital-plan-date
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Increasing the reserves is not opposite of slashing of the reserve ratio. They work great together and increase the supply many times over a period.