Cryptocurrencies must achieve mass adoption to unlock their full potential as network technologies and their value as financial assets.
As with other technologies, cryptocurrency adoption follows a classic bell curve: Starting with a small number of innovators, it grows as early adopters embrace it, and moves to mass adoption as it expands to the early and late majority. It is finally reaching those who are lagging behind in their final stage.
Since its launch 14 years ago, Bitcoin (BTC) adoption increased dramatically. 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.
However, by most estimates, the global adoption rate of cryptocurrency is still in the single digits, meaning it still remains in the “early majority” phase of global adoption.
For cryptocurrencies to continue to grow and achieve truly mass adoption, it will need to overcome the “gap” – the gulf separating the early adopters and the early majority. Certain catalysts may be required for this.