Cryptocurrency industry is still in its infancy.
A recent survey by the Financial Conduct Authority (FCA), a regulator in the UK, showed that more than 70% of consumers didn’t know what a cryptocurrency was and only 3% of respondents had ever bought one of the digital assets.
These data points put things in perspective and remind us that this industry is still early in its maturation and there is a lot of work to do… Education and awareness have always been important, but now design, user experience, and interfaces will become focal points as we try to onboard mainstream consumers, and these are the points which have the utmost importance while developing Snowball.
While not surprising, the most exciting part to me is the incredible number of young people who are spending 100% of their time working in crypto. This isn’t about a “get rich quick” scheme for them. The idea of automated finance are definitely taking hold and it is obvious people are fed up with the legacy system. Lastly, Bitcoin is thought of as the least risky investment opportunity among this crowd.
The shift is inevitable
“Due to trying to take the market share away from one of the most important tools of power — money — central banks and governments all over the world tried to kill bitcoin, albeit unsuccessfully,” Angel Versetti, CEO of blockchain firm Ambrosus comments.
The conversation around the largest crypto asset includes a degree of inevitability. There is no talk of “if” Bitcoin’s price recovers, but rather “when.” There is no concern of whether Bitcoin will establish a new all-time high in the future, but rather a debate on whether it will be $100,000 or $150,000 in the next bull market. And these young people aren’t just talking to entertain themselves — many of them have significant portions of their net-worth held in digital assets.
While 70%+ of mainstream consumers may not know about cryptocurrencies, the enthusiasts are pushing an impressive pace of innovation right now. It is just a matter of time before crypto goes mainstream, the fact companies like Facebook, Microsoft, and Starbucks expressed interest in getting involved in this industry is not a surprise, everyone wants a piece of the landgrab before it’s too late.
