Cryptocurrencies must reach mass adoption to unlock their maximum potential as a network technology and their value as financial assets.
As with other technologies, the adoption of crypto follows a classic bell curve: Starting from a small number of innovators, it grows as early adopters embrace it, moving into mass adoption as it expands to the early and late majority. Finally, it reaches those lagging behind in its final phase.
Since its launch 14 years ago, Bitcoin’s (BTC) adoption has dramatically increased. The cryptocurrency has gone from being a fringe technology discussed by a small group of cypherpunks and nerds to being known worldwide, with some nation-states even adopting it as legal tender.
According to most estimates, though, crypto’s global adoption rate is still in the single digits, which means it still remains in the “early majority” phase of global adoption.
To grow further and reach true mass adoption, crypto will need to overcome the “chasm” — the gap separating the early adopters from the early majority. To do so, certain catalysts may be required.