Factors Impacting Crypto Adoption

It’s Happening Again

I was with a bunch of friends this morning, and as usual, Crypto came up in the conversation. Everyone knows that pretty much all markets are in a state of dire desperation. However, despite the fact that Bitcoin is suffering a similar fate, people have chosen to adopt the “Bitcoin is dead” narrative, once again. I mean, how many times do people have to see the “Crypto effect” in order to understand that this is part of the cyclical process?

Strangely enough, in my opinion, if you don’t get it by now, you probably never will. Unfortunately, there will be those standing on the outskirts of history. Many will eventually choose adoption, while others will have to be “forced” into adoption. Crypto’s eventual success is a done deal, in my opinion.

If that is true, then the best thing anyone can do is to board the train now. However, it appears as if emotional influence is once again in full control. I suggested Bitcoin at under a thousand dollars many years ago, and as expected, many simply laughed. Once again, in 2018 I suggested Bitcoin at $3K, and once again, I was laughed out of the room.

The Biggest Hurdle

Many believe that regulation and other issues are at the heart of restricting mass adoption. However, I believe that society is ultimately slowing the adoption curve. When enough people want something, the powers that be have no option but to compromise. Even at this stage of the game, governments realize the significance and as a result, have not thrown out the idea of Crypto becoming part of the global economy. Imagine if the number of Crypto advocates doubled. If people began making demands on local businesses for Crypto payments.

Governments that enable citizens to pay their taxes in Crypto are literally displaying a level of approval. In other words, they are not bound to do so but are choosing to. This is where the difference lies. Choosing to do something when you are not obliged to, displays an openness and readiness to whatever the cause is. The greatest resistance is in actual fact coming from the uneducated. Yes, everyone has heard of Bitcoin and Crypto, but that does not imply that they have any knowledge or understanding of it. I have heard of space rockets, but I don’t know anything about the finer mechanics of how they operate.

I guess you can understand why maxis push the Bitcoin monetary policy narrative. It is in essence, vital information. People need to know what actually makes Bitcoin superior to traditional fiat currencies. For the majority, it is simply a case of speculation, similar to what Warren Buffet likes to refer to as the “greater fool theory”. However, there is a lot more to Bitcoin, in particular, than speculation.

Final Thoughts

Many of us are so deeply immersed in the Crypto space that we sometimes become unintentionally ignorant of how clueless the public truly is. When I say the public, I am referring to the majority. I am well aware that there are many who “get” Crypto, but they truly are a minority in comparison to the global population. Education is still a much-needed element of what is required to bring on further adoption.

This does, however, appear to be on the rise and hopefully, we will be looking out over a very different “global landscape” in the years to come.

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