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02 March 2021

Crossing the crypto chasm: Paving the way to mass adoption

Crossing the crypto chasm: Paving the way to mass adoption

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In order to succeed and get closer to the point of mass adoption, cryptocurrency as a product needs to create a bandwagon effect and build momentum so that it becomes a de-facto standard.

In his 1991 book Crossing the Chasm, Geoffrey Moore explains that every disruptive technology must pass through five stages of adoption: In the first stage, innovators tinker with new technologies; in the second, early adopters discover it; in the third and fourth stages, an “early majority” and a “late majority” — the two biggest groups — hop aboard; and in the final stage, the “laggards” arrive.

Plaguing the adoption process is what Moore calls “the chasm.” The chasm separates the early adopters from the early majority because the demands of these two groups are often vastly different.

Without a compelling story, the new technology is unlikely to reach the early majority of adopters.

Full of promise, it turned early adopters into enthusiasts and enthusiasts into visionaries.

But in order to continue its rise and to shift from the early majority to the late majority, cryptocurrency still needs to demonstrate its viability on a mass scale.

Sales-driven companies that pursue the whole crypto market, but lack customer and product focus, can easily fall afoul of the dreaded chasm.

New customers need to know why they should buy into the crypto market, and how — this is why at this stage of the market, developing a robust communications strategy in place is crucial.

Moreover, if crypto as a product wants to acquire pragmatic customers, those who are on the edge of the technology adoption lifecycle, it needs to take into account that these customers want to buy from a market leader with a strong reputation?

In the coming months, we expect to see big developments in the industry, like major banks launching crypto custody services, brokerages opening up access to crypto products, new retailers accepting digital cash, and big institutions launching applications on public blockchains?

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