I keep talking about how early we are in crypto but never talked about what that meant, like what does it mean to be early to crypto. Well in this case we are talking about adoption, and the amount of people who use, own or bought crypto. I will always use the internet as an example, because the adoption of crypto is about to look like that of internet back in the day. There was a time where about 2% of Americans and 12% of the world used the internet. The internet was not accessible in all part of the world, some people believed in its future, some people didn’t because they were myopic towards the future technology.
Well its looking like a deja vu with crypto right as just 2% of Americans and about 12% of the world use, own or have adopted crypto, just like the internet and its inevitability, crypto is next. This alone proves that we are in the early stage of crypto, look around you, almost everyone uses the internet. The internet is a basic thing in our lives to have, I can’t remember the last time I stayed without using the internet. Crypto is way beyond just a currency or a means of currency for transaction. The technology is one of the greatest technology to ever get created. This brings my attention to the blockchain technology.
Some people still refer the blockchain technology to be very early because, currently, the utilisation of the blockchain is only known in crypto coins, tokens, NFT, DAO, and Web 3.0 . But the blockchain technology is more, it has way more to offer that’s yet to be unlocked. I’m not even sure that even 20% of the blockchain utility is being utilised currently. This is a clear proof of the early stage of crypto, we still have a lot to do on the blockchain. When the world starts using the blockchain like an everyday tool, because of wide range of adoption, then we can talk about how not early we will currently be in the space.
Thinking of this sometimes makes me feel that the $1 Million bitcoin price someday is not farfetched, its very possible, its just a matter of time and adoption. If bitcoin can go from $8 price to $60k within a 10 years space, then $1 Million is do able.
The last reason why I keep thinking we are in the early stage of crypto is because of the enormous crypto projects in the crypto space , everyone wants that crypto money so they are either genuinely building in the space or ungenuinely building tp either impact a change or just rip people off to make quick money. In the next 10 years half of all the crypto projects in the crypto space won’t be in existence anymore. This is just like the aerly days of the internet and automobile, most of the companies that stated during the early days are no where to be found.