The relevance of the crypto industry in the global economy has steadily increased in recent years. Data shows that over 425 million people owned crypto Earlier this year, which is 5% of the world’s population. Growing competition in the blockchain space, the adoption of web3 by big brands, and increasing interest from VCs were some of them biggest drivers of crypto adoption last year. However, much more needs to be done for crypto to reach the 1 billion users milestone.

Mass adoption has been one of the biggest challenges the crypto industry has faced since its inception. While many countries, organizations and industries have done so Cryptocurrency accepted, many remain skeptical about the technology. The reasons for this skepticism vary depending on the expertise of the person concerned and require different measures.

Understanding the key concerns driving this skepticism is critical for crypto to achieve mass adoption. For example, someone who understands the economics and technology aspects of crypto but remains skeptical might focus on it macroeconomic and political challenges. On the other hand, someone without this technical knowledge is likely to focus their skepticism on factors such as usability, daily applications, and public opinion.

In trying to solve both challenges, the crypto industry has paid special attention educational efforts over the years. While this approach has clearly helped to some extent, it has proven insufficient. Using the example of the tech-savvy skeptic, it is clear that education will not change their minds, issues such as regulation and improving what they see as technological shortcomings might. For the average person, understanding how crypto validates transactions makes no difference if its advantages and convenience over other alternatives are not immediately clear.

This challenge is not limited to crypto, but to all blockchain use cases, whether they are NFTs, Web3 or DeFi. Many industry leaders have now recognized that a new approach is required, focusing on aspects such as improving the user experience, push for regulatory clarityand increasing Cooperation. By learning from the stories of technologies like the internet, mobile phones, and VR, companies can not only better address the challenge of mass adoption, but also adjust their expectations.

Increasing pressure from regulators could also become a key reason behind the mass adoption of crypto and other blockchain-based technologies. While not a physical issue, actions taken by regulators like the SEC have same and opposite reaction by players in the crypto industry. While that’s what an American regulatory framework will look like, the European one is recently approved MiCA has helped allay some of the concerns.

The challenge of mass crypto adoption was the main topic of the “Distribution to 1B Crypto Users” panel moderated by The Defiant founder Camila Russo during this year’s edition of Grit Daily House at Consensus. Russo sat with Souq Co-Founder Ken Berkowitz, Spindl Founder and CEO Antonio Garcia-Martinez, Dynamic Co-Founder and CEO Itai Turbahn, and Dragonfly Partner Ani Pai to get their thoughts on the matter. To learn more about what this panel of experts had to say, watch the video below or visit Grit Daily’s official YouTube channel.