There are significant events that take place on the pathway to success.
A couple decades back, there was the run up in the stock market due to the Dotcom bubble. After registering enormous gains, the bubble burst, sending prices plummeting. This ended the Internet era.
Or did it?
As we all know, the Internet continued to develop and grow. The bust of the markets only washed away the excess. Those projects that stood little chance of success were eliminated. Capital dried up and some sanity returned.
In the meantime, programmers keep developing and progress was made. Over time, through consistent action, growth took place. It was around this time that we started to see the move towards Web 2.0, with two way communication, video, and an assortment of other features entering the picture.
Now, even 20 years later, when the Dotcom bubble is mentioned, most everyone knows what it means.
COVID-19 is going to have the same place in history. In a couple decades, when people mention "The Virus", most will know what is being referred to. It is an event that is marked in time.
It is also one that is causing a great deal of change. Many are discussing what the "New Normal" looks like. While there are projections all over the place, the bottom line is things are not going back to how they were.
One thing that I believe is safe to conclude is the push towards digital increased in pace. What was a steady trend for two decades just entered warp drive. For example, the move towards online shopping was growing; now it exploded. People who are locked in their homes are doing most of their shopping on sites such as Amazon. Millions of people who didn't shop there before suddenly are.
Netflix is seeing its subscriber base grow significantly. I am sure the same is being realize by Hulu and Disney+. People are stuck at home, thus they are seeking different forms of entertainment.
On the work side, we see video conferencing taking off. This is a technology that was around for a long time yet was not widely adopted. Companies still opted to continue business as usual. That was, right up, until the virus. Now a company like Zoom is seeing it user base cross 200 million. Two months ago, few people were even aware of the company.
So what does this all have to do with cryptocurrecy?
The push towards digitization is now enhancing the idea of digital money. Suddenly, it is not a concept that is as foreign as it once was. While this is not an overnight process, we are seeing the foundation laid for further adoption. As society becomes more digital, there will be more people embracing this for of monetary transaction.
COVID-19 is a game changer for many parts of society, including cryptocurrency.
We already know the demographics of cryptocurrency.
It is not accepted by many who are in the first half of the baby boomers. The second half is a bit more technologically adept, but their adoption rates are very low.
Generation X can go either way with technology, some embracing it, others rejecting it. While the number of crypto users is greater than the Boomers, it is still not the highest.
The Millennials and Gen Z are the technology people. These individuals grew up with change and embrace technology, for the most part. Thus, they are more apt to engage in cryptocurrency than their older counterparts. They are also more likely to trust crypto over gold and the stock markets.
This was a survey conducted on Reddit a few years ago. While things have changed some, it questioned the number of times one checked cryptocurrency pricing. The demographic breakdown is as we can expect.
What is important to note is that the Boomers and Generation X were just thrust deeper into the digital world. Millions who never used an application such as Skype are now video conferencing. It was something that was resided yet is now part of their everyday lives.
People often resist change. In this situation, it was thrust upon them.
This can only be good news for cryptocurreny. While it will not be an overnight process, this shift is going to open the doors for greater adoption. As people delve further into the digital world and it becomes more common, they will be exposed to crypto. It is something they are not going to be able to avoid.
In my mind, it is akin to email. I remember in the early 2000s this question being asked: do you have email? At that time, there was a better than average change that people said no. Of course, a few years later the question became: what is your email address?
I can see the same thing happening with cryptocurrency. At some point, we are simply going to ask, what is your wallet address? This is how people are simply going to make payments.
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