In his book Crossing the Chasm (1991), Geoffrey Moore spoke about the adoption waves, using the normal distribution, when people are presented with a new technology. The early adopters, are those that are willing to sacrifice time and effort to be the first ones to use it. Then there is the chasm, which separates the early adopters from the early majority, then the late majority and then the laggards. To cross the chasm sometimes you just need time, but often you need a catalyst. On January 10th, the SEC approved #bitcoinetfs and so far it has proven to be the bridge to cross the chasm from early adopters to early majority. Almost $9Bn of flows YTD into the ETFs, which have pushed Bitcoin market cap beyond $1Tn again. Out of the 19 ETFs approved so far, the top 3 are getting the majority of the flows, and Institutional money may be using these ETFs to gain exposure to crypto that perhaps was operationally impossible through crypto wallets and exchanges. The third wave is here for #cryptocurrencies.
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