Ten years ago, a smartphone was a luxury item—everyone “knew someone who had one.”
Today, nearly every adult (and child over 10) in the western world owns one.
Even my grandparents use smartphones. (I lost that bet, by the way.)
What was the secret of its mass adoption? It was the same as with all technology…
Accessibility, and ease of use.
And that’s exactly what’s developing in the crypto world.
One of the biggest roadblocks to cryptos gaining widespread traction has been their lack of accessibility—you can’t purchase them through your bank or a traditional brokerage account… and there are limited platforms that accept them as payment for goods and services.
But it won’t be long before even your grandmother is using cryptos to buy groceries…
Bitcoin (the crypto industry benchmark) has been around for over 10 years. But it only started gaining national media attention in 2017, when the price skyrocketed from $1,000 to $20,000.
In 2018, when it fell to less than $4,000, most wrote cryptos off as another fad, bubble, or scam.
But they were wrong. Today, Bitcoin is back above $8,500…
And it won’t be long before individual adoption becomes a whole lot easier.
“The Internet for a long time has wanted a native currency,” Jack Dorsey told The Next Web in a recent interview. “There really hasn’t been a prospect until a few years ago, when the Bitcoin white paper was released.”
Dorsey is the founder of Twitter and payment processing company Square (SQ).
In February 2018, Square started offering the ability to buy and sell Bitcoin through its popular Square Cash app. (That same month, we recommended the company to Curzio Research Advisory readers, and we’re now up double digits on the stock.)
Dorsey explained Square’s crypto team is focusing heavily on education and usability:
The one word that sums up everything we’ve been trying to do at Square is “access.” And I don’t think there’s a greater technology out there that enables the kind of access we need at the individual level—that is borderless, that is not controlled by any one particular company, and that was born on the Internet, and continues to be developed on the Internet—than [cryptocurrency].
Square has a $25 billion-plus market cap and its customers include small and large businesses across the U.S.
With Square focusing “squarely” on improving understanding, accessibility, and usability of cryptos, its huge customer base (think: almost every merchant you buy from) will soon be turning its attention to cryptos as well.
For any new market or product, widespread user adoption generally follows a simple series of events:
- You hear about it
- Someone you know tries it
- You try it yourself
If you’ve been following us for a while, you know cryptocurrencies are in the early innings of adoption.
An April 2019 survey by venture capital firm Blockchain Capital revealed that while only about 11% of Americans own Bitcoin… awareness of Bitcoin had risen from 77% in October 2017 to 89%.
Step 1: The vast majority of the U.S. population is now aware of bitcoin.
Step 2: If you’re a Curzio reader, chances are you or someone you know owns Bitcoin or other cryptocurrencies.
Step 3: Companies like Square will soon make it simple for everyone—even your grandparents—to use cryptocurrencies as part of daily life.
Cryptos are no longer a niche market. They’re gaining traction… quickly. As ease of use and accessibility become the norm, this asset class will become as integral to everyday life as the smartphone.
To read the full interview with Jack Dorsey, click here.