In every major development in human history there have been several steps in the adoption process.
For example, when the Internet was first invented, it had very limited availability. The average person couldn’t access it, didn’t even know that it existed.
Over time, it started to generate a buzz that the general public became vaguely aware of but few really knew details about.
Eventually, as societal factors changed, the technology became widely available to the point that the average 20 something or younger in the western world can’t even imagine a world without the internet, much less not watching cat videos while doom scrolling Tick Tock for hours at 3 a.m.
Some would argue that we are now in the perfect time, the “Golden Age,” if you will, of the internet. Others might argue that the internet’s Golden Age was about 25 years ago when the technology was developed to a large extent and early adopters could really take advantage of it then to solidify their footholds in it.
Cryptocurrencies have, like previous technologies and developments, been following the same general steps, and it may be time for the doubters to seriously ask themselves…
Are we on the brink of the “Golden Age” for cryptocurrencies?
It’s a great question to ask.
Since we’re talking about cryptocurrencies not just as a technology but as an investment vehicle, let’s define “Golden Age” as the time when the technology is developed but is just before its tipping point (to reference Malcolm Gladwell) into common use in broader society.
And if you’re familiar with Gladwell’s work, then you know that those who are on board just before an idea’s tipping point are who can capitalize on the sudden and widespread explosion in demand.
But even those sudden increases in societal awareness will often show signs which may cause you to ask…
Early signs of an explosion in crypto demand
Sure looks like it to me… If you need more evidence for that answer, though, consider this from a recent article at Bitcoinist:
More importantly, a new bill introduced in Congress, if passed, removes outdated restrictions for retail investors. No more having to be wealthy to get in early – accredited investor and suitability requirements are gone.
“Accredited investors” are considered “financially sophisticated” individuals based on their wealth or background. Requirements to become accredited are:
- A net worth exceeding $1 million, either individually or jointly with a spouse (not counting the value of the primary residence)
- A track record of annual income exceeding $200,000 (or $300,000 jointly with a spouse or spousal equivalent) for at least the last two years
- Or some professional qualifications, designations or accreditations can get you “accredited” status without the wealth
Only about 15% of U.S. investors meet these requirements. So, take a moment to think about it: if retail investors (that’s you and me) are able to get the same cryptocurrency access, unlocking previously restricted opportunities? Retail investors looking for growth will be able, for the first time, to diversify with cryptocurrencies.
That’s great news! We know that higher demand virtually always leads to higher prices.
And there are other drivers of demand that will almost certainly reward early adopters of crypto. For example, Galen Bacharier with NC Newsline writes,
The North Carolina House gave the green light to a pair of bills this week that would change how the state manages its pension fund and allow that fund’s investments to include cryptocurrencies like bitcoin.
And it’s not just North Carolina. New Hampshire is getting on board, too.
Those are just two of many U.S. states taking steps into cryptocurrency adoption. Their investments for state pension funds will drive up valuations of cryptocurrencies by decreasing the available supply and, also, by lending credibility to cryptocurrencies which will help to make average Americans more comfortable with investing into cryptocurrencies.
This all is fantastic news for those already interested in crypto, but there is another development which has the potential to increase demand for cryptocurrencies in a way that could dwarf either North Carolina’s or New Hampshire’s impact.
Making cryptocurrencies available to millions of Americans
Adoption relies on two elements: Desire and access. Removing barriers to crypto access, just like the accreditation requirements we discussed, is a huge win for the crypto sector.
And another big barrier just came crashing down. CoinTribune summarizes the story:
Apple has just suffered a major legal setback: from now on, crypto app developers can integrate external payments without going through the App Store or paying any commission. An explosive decision that opens the door to a new era for Web3 games, NFTs, and the mobile crypto ecosystem.
That’s right, Apple, who has been a major barrier in keeping millions of iPhone users from easily exploring, using, and transacting with cryptocurrencies, has to reverse course.
Because one of the major factors in exploding demand for new technology is ease of access and ease of use (remember, dial up Internet is what made the internet accessible to billions of people worldwide), well, I’m super excited. Allowing iPhone users to be able to transact in, and buy and sell cryptocurrencies…
That opens up the floodgates because it can become easy for them to access and to use crypto – on a device they’re already familiar with. That they carry with them everywhere, every day.
I said “floodgates” above because that’s not an exaggeration! The most recent estimates say there are 155 million iPhone users in the U.S. Just imagine what this change will do for crypto demand!
Now, it’s equally true that the best performance goes to the earliest adopters. It’s too late to be a crypto pioneer. But it’s NOT too late to diversify with cryptocurrencies before these recent policy changes sweep through the crypto markets…
For now, you can still get ahead of the curve. Right now is the time to act – to increase your crypto allocation (access your My BitIRA account right here). And if you haven’t diversified your savings with crypto, what are you waiting for?
It’s easy to get started – BitIRA makes it easy to open your Digital IRA online in about 7 minutes.
If you’re still not sure whether diversifying with crypto is right for you, learn more with our free Guide to Digital IRAs – or call (800) 299-1567 for a one-to-one consultation with a Digital Currency Specialist.
