How Far Are We From Crypto Mass Adoption?

Despite several dips following the cryptocurrency market’s many monumental highs, the landscape has continued to persevere and grow even further. This, when coupled with the fact that the cryptocurrency landscape is still in its infancy, makes it clear that the mass adoption of cryptocurrencies is on the horizon. But how far away are we from reaching that point?

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Attitudes towards crypto are shifting over time

As a result of how incredibly massive the cryptocurrency industry has become, it can be very easy to forget that the landscape as a whole is still in its early stages. Bitcoin, the world’s first cryptocurrency, has only been active since 2009. Compared to other technological innovations that have shaped our lives, crypto has grown a massive amount in just a short amount of time.

When it first arrived, crypto was primarily a tool used by a very tech literate few. Any substantial form of public adoption seemed like it was eons away, with the majority of crypto discussions taking place in online forums. In fact, even just being able to make a trivial purchase with a cryptocurrency felt like a fantasy. This fantasy came to fruition for the first time when an early adopter found a way to purchase two pizzas with Bitcoin, in 2010. At the time, it was celebrated by the community and lauded as proof of an intersection between digital currencies and real-world goods. In the years since, people have even crowned May 22nd as “Bitcoin Pizza Day” in honor of this achievement.

In stark contrast, making a purchase with crypto has since become incredibly easy, Bitcoin ATMs can be found across the world, and numerous businesses and governmental bodies are leveraging this revolutionary financial technology.

Yet even as recently as a few years ago, trying to talk to someone about a cryptocurrency like Bitcoin was a difficult and painless process. Few people had even heard of cryptocurrencies and an even smaller fraction of people had experience using crypto at all.

Thanks to 2022 findings from PewResearch , however, it is clear that we have come a long way since that point. 71% of Americans in 2022 reported having heard “at least a little” about crypto, with an additional 16% responding that they have used or invested in at least one form of cryptocurrency. Meanwhile, according to a report from CoinTelegraph , one in ten households in major EU economic areas now own crypto.

The case for global crypto adoption

According to Chainalysis’ 2021 Global Crypto Adoption Index , worldwide adoption grew 880% in just a single year. While this rate of adoption has since leveled out somewhat as of 2022, broader patterns show that levels of global adoption are still up substantially — even since 2019.

This type of progress toward the fight for global crypto adoption can be credited to a few key factors. First, cryptocurrencies have become significantly more popular through word of mouth. As crypto is no longer a niche industry, it has become more common for people to discuss the landscape with their peers. In addition, there has been a significant influx in content that covers the crypto industry and is designed to inform the broader public.

One long-standing hurdle preventing crypto adoption is the fact that it has been historically difficult for ordinary people to actually get involved in the industry. Fortunately, there are growing platforms that have made it easier than ever for everyone to trade, stake, and use cryptocurrencies.

In addition, for any technology to earn a true ‘mass adoption’, it needs to be seen as legitimate in the eyes of potential adopters. This has long been a struggle for crypto, as the industry has been faced with a negative reputation that likened it to a regulatory “wild west” as a result of regulators lagging behind the landscape’s rapid adoption.

Fortunately, we are increasingly seeing regulators take measured steps to help mature — rather than hurt — the cryptocurrency landscape. In particular, countries like Switzerland have become leaders in the mass adoption race thanks to their forward-thinking and clearly-defined regulatory frameworks.

The legitimacy of the crypto industry is also being cemented by the ways in which countries are using crypto and its underlying technology. According to the Atlantic Council’s Central Bank Digital Currency Tracker , more than 20 countries are set to experiment with their own digital currencies throughout 2023.

Better still, in 2021 we saw El Salvador become the first country to fully recognize Bitcoin as legal tender. Within the country, this gave Bitcoin the same level of legitimacy as the US dollar — which was previously the country’s only legal tender.

Crypto adoption presents opportunities for early adopters

When we look at how far the cryptocurrency industry has come, two things are clear. First, the continued adoption of cryptocurrencies around the world is all but an inevitability due to current trends. Second, there is still a short way to go until we get there. This means that current and new adopters in the space still have the opportunity to capitalize on the crypto landscape’s momentum by getting involved.

AVADO is making it possible for anyone, regardless of their prior experience, to take part in the cryptocurrency movement. Our plug-and-play devices allow you to easily stake leading cryptocurrencies in just a few minutes. By doing so, you will be playing a massive part in the growth of the crypto landscape while being rewarded in the form of passive income.

Visit our website today to find out more about how our range of products can help you benefit from the rapidly-developing crypto landscape.