Hello my fellow bloggers! We, the early adopters of crypto, have a dream. We dream that one day crypto will reach a true mass adoption. We know this day will come yet we wonder when. Let’s dive in and discuss.
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Sometimes we find ourselves being jealous for early adopters of crypto. If only I could get into Bitcoin back in 2010… The truth is we are the early adopters of crypto. Even if you joined crypto today, you are still an early adopter. More than 7 billion of people live on Earth. How many of them are crypto users? To answer this question I will use Deutsche Bank report. I use this report just because one of the largest banks of EU can't be considered a “too optimistic about crypto” source. I also like the way they approach to studying blockchain adoption. They do it by comparing blockchain to Internet:
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Bank gives the following comment for the chart:
The chart below shows the adoption rates of blockchain wallets with the equivalent for internet adoption rates. We are still in the early days of blockchain wallet use, but the curves are similar after adjusting for scale. Indeed, if current trends continue, there could be 200 million blockchain wallet users in 2030.
Sounds bullish, right? In the past five years, the number of blockchain wallets has multiplied by six, growing from 11 million in 2016 to 63 million in 2020. Yet 200 million users in 10 years from now, is still a very small number. This less 3% if we take the current population. In case we adjust for population growth, it will be just 2%. On the other hand, we are talking about “true” adopter here. People who actually has blockchain wallet. How many people own BTC without a wallet on CEX? How about 300 million PayPal customers with access to crypto? Crypto is getting adopted more and more in many forms. Yet no matter how you calculate, we are still the lucky early adopters and we have to wait many years for mass adoption to come.
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The chart above shows the age of a crypto investor. As you can see, crypto is a place for the young. This can’t change fast but the change is inevitable. Today people below 34 years age are the main adopters. In 10 years from now, we all will be 35-54 age group. Will we stop using crypto? No! Will people below 34 use crypto less in 2030 than we do now? No! Nothing can really stop this.
What do you think about mass adoption of crypto? How long will we wait? Let me know in comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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What a time to be alive! If you build it they will come. In a little time from now, crypto will be known and adopted in the 4-corners of the world. It’s a fun ride
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STOPI believe that we will all be adopters of Crypto without knowing. I have a feeling that the banks are working on a faster payment settlement service - currently the SWIFT solution is old (basically using fax technology) so I believe they are building crypto settlements behind the scenes. Faster and cheaper settlements means more savings for the banks.
However as for mass adoption I believe you are actually referring to having a wallet and actually owning crypto. I think what’s holding people up is the fact that it’s still not as user friendly as it could be, crypto at the moment is viewed as an investment- people don’t buy Bitcoin to use it as a payment for something from Amazon tomorrow. So until banks offer crypto exchanges, or businesses actually paying staff in crypto I can’t see how mass adoption can occur.
At present there are literally thousands of crypto currencies available so what would regular Joe choose to buy? And then what would he do with that currency?
These all need to be answered and before countries start creating digital dollars, yen, pounds, euros etc....
Just my thoughts but would like to hear others thoughts?