When I started out in Crypto back in March of 2018 the concern was I was already late and 6 years later I am still deemed early. In my head it felt late as I had known about Bitcoin right from the very beginning when it was discussed with other people I dealt with as an alternative to PayPal on Ebay in 2009. Kind of nuts considering 15 years later and you are still regarded as early.
This tweet from Watcher.Guru reckons only 5% of the global population has invested in crypto. The head of Binance Richard Teng said something similar after saying that this year crypto added another 56 million new users with institution up over 130%. Teng believes we are still hovering around the 5-6% mark and I somehow still think we are lower than that.
If these people are correct in their assumptions then we still have along way to go. We are all aware of the technology adoption charts and how this adoption process is supposed to happen. The difference being is crypto is not something you can physically hold if comparing to a cell phone/mobile phone. Bitcoin has been around since 2009 so crypto has taken us nearly 16 years to get us to this point where we find ourselves now.
The good news it seems is we have many more years of growing our bags.
They say once we hit a critical number then that number will automatically speed up and we have been waiting for that speed up process for a few years already. The main problem is the masses still have no understanding of how and where crypto can benefit your lives mainly down to the moon boys who have no clue either.
Crypto gets the attention every 4 years during the cycle when we see the prices spike achieving their ATH, but apart from that moment showing the rest of the world how much they missed out on financially there is not much else.
Crypto needs to start crossing over into real world utilities and only once that happens will we see adoption taking place and not before. The biggest problem when looking at all the cryptos listed there are so few that have genuine use cases. Many projects are still working on their utilities with the vast majority falling by the wayside never to be heard of again. A huge percentage of crypto is no better than a Meme coin and no wonder the rest of the world thinks crypto is one big scam.
Crypto needs use cases in order to move from the 5% to the 15% adoption range before we start to see any head way. It does not matter which crypto project comes up with the tech required to unlock the use cases in others as this would be beneficial to others. I am hoping the privacy tech COTI has developed along with Soda Labs is the missing ingredient that will open up crypto to the masses. This is a time of patience with a wait and see attitude as how many more cycles are we going to have to endure before we see the masses arrive.