The Number Of Americans Using Bitcoin And Crypto Is Growing

When the Federal Reserve is forced to admit more and more Americans are adopting Bitcoin & Crypto you know things must be rough for them... 

While the price of Bitcoin may be down at the time of publishing this article, the Fed has released a study showing the number of American adults buying or holding crypto has grown to 12% (source). 

What does this mean for Bitcoin adoption? 

While 12% may not sound like a lot, it's worth bearing a few things in mind: 

  • Bitcoin was only created 13 years ago - and therefore crypto is the youngest and most immature asset class in existence. 

  • Bitcoin does not have a CEO, marketing team, Vice President of Sales, or a public relations team. The price is effectively Bitcoin's only marketing tool. 

  • It took Bitcoin and the Crypto industry less than 13 years to achieve a $1 trillion+ market cap... No other company (including Apple, Microsoft, Amazon, or Google) has achieved this $1 trillion market cap as quickly as Bitcoin and the Crypto industry. 

The best part? Bitcoin and Crypto adopters are still early on the adoption curve. 

All new technology, such as the internet or personal cell phones, has an adoption curve. Here is an example: 

Adoption-Chart(Source: BlockWorks)

Typically, those assuming the greatest levels of risk and reward belong in the "innovators" and "early adopters" category. Think of cell phones as an example. 

People used to lug a five-pound brick around to make personal calls. It looked absurd... but it's likely all they could talk about and probably used any opportunity to brag about it. 

While these new cell phone users looked ridiculous and likely made dumb mistakes with their phones, they absolutely benefited economically and socially by adopting this technology early.  

The internet, home automation, cell phones, washers & dryers, and Bitcoin are no different. 

The cutoff before a new technology enters the "pragmatic" stage of adoption is 13.5%. This means we still have a little ways to go on Bitcoin's adoption curve to reach the "Early Majority."

This is great news for those still learning about Bitcoin and Crypto -- you have time to catch up!