How Early are we on the Cryptocurrency Road to Adoption

How Early are we on the Cryptocurrency Road to Adoption

By Lukros76 | Crypto Banter | 27 Jul 2021


It's safe to say if you invested into cryptocurrency during 2009-2012 you are an early adopter, a really really early adopter. That is undeniable and for anyone that held their coins from then to now it's been a fun ride. But even 12 years after the birth of Bitcoin, how close are we really to global adoption? How far has crypto come since than and is the growth that remains still viable? Are we still early adopters? I'd like to talk about this for a bit in this article as it is fascinating to look at some of the stats that have come out in recent months as well as seeing how worthwhile is it to invest right now.

To clarify, when I say we I mean people that have started investing by the start of 2021 till now and beyond, essentially recent investors. This article will still include the people that have invested before that too, since if we are early adopters than they most definitely are. Onto the topic at hand.

The Advantages of Early Adoption - CHSH

Let us firstly look at some recent statistic from around the globe to have a better understanding of where we are at the moment.

Research published by NORC, a research group at the University of Chicago, stated that 13% of Americans invested in crypto in the past 12 months, it's also important to note that of this 13% most people were young and more diverse than for example Stock investors. Another important thing to note is that only 11% of people that said they hadn't invested, planned to invest in the next 12% months. These statistics both tell us about current adoption and about possible future investors and with only 11% planning to join in on crypto, we've got quite a bit more until that other 76% decides to join in. Don't forget that this is only the US too so it's not representative of the space as a whole.

Triple-A gave a rough average estimate of 3,9% for global crypto ownership rates. They stated 16 different surveys that they used for making this estimate as well as their own research efforts. So even in the case that this is somewhat off the actual number, it's safe to say that they aren't that far away from the exact current numbers since with the info we have from respective countries, only a few countries have more than 4% of the population owning crypto, the exact number is around 14. That's 14 of 195 just to put it into perspective.

Legal Status of Cryptocurrencies - knoema.com

Another important thing to talk about is whether or not countries are even ready to adopt crypto or not, cause if they aren't that global average isn't gonna go up as fast as it would otherwise. 7 countries have made crypto illegal completely,while at least 7 others have some restrictions on crypto. We don't have exact data or the countries haven't stated their stance on crypto, for around 30% of countries. The rest allow crypto, it's legal or it's somewhat regulated, except El Salvador where it is a legal tender which is basically the best possible thing it could be, in a sense.

The fact that we still find the news that certain companies, places, countries and so on... now allow BTC payments or ETH staking or who knows what else also shows how early we are, if we weren't that wouldn't be significant or newsworthy anymore.

The last thing I'd like to talk about is peoples knowledge of crypto. Of that 4% I mentioned as average crypto ownership, a lot of that is exclusively Bitcoin or if not Bitcoin maybe Ethereum (and unfortunately DOGE)... other than that people know little of other crypto projects that might be just as useful as those are, therefore they have much more time to grow than the currently most known coins and tokens. Connecting to the last point, most news only covers these few cryptocurrencies and it's only their significant early breakthroughs we hear about. Since you're here, reading this. you probably know more than just BTC and ETH, making you quite a bit ahead of the rest of that 4%. If not, than educate yourself further on topics other than those 2-3 most popular ones, it'll benefit you highly.

Conclusion

We are most definitely still in the early stages of crypto development, the feeling that crypto is taking over is mostly down to the part of the internet or social groups that we are in that affect our perception of overall adoption and make us feel like everyone knows or owns crypto. Only around 4% of the worlds population owns crypto and even if you completely disregard every other stat I've mentioned here, you'd still be among the innovators in the cryptocurrency space cause that is still a very small number of people

Innovator - WeRentrepreneur.

If you are willing to dedicate some time to reading on different crypto projects, investing your own money and sharing your knowledge with others, you are most certainly what will make crypto go global one day and you are helping yourself just the same by getting yourself into this universe of possibilities so early on. So don't worry, we've still got a long time until this hype dies down!

Thanks for reading, my fellow early adopter! Hope you liked it!


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Lukros76
Lukros76

A Video Game Designer, Crypto Enthusiast, Writer and an ASMRtist


Crypto Banter
Crypto Banter

Random crypto banter on my side. Nothing in particular just thoughts and ideas.

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