There are startling similarities between Apple and Bitcoin, particularly with regard to their first period. 

In Everett Rogers ' book Diffusion of Innovations, published in 1962, consumers are divided into five groups: innovators, early adopters, early majority, late majority, and late Remainers.

Although new technologies better synthesize this kind of research, which you can see at the end of the article, is widely used among many charts. The graphic flawlessly explains how each group's psychological profile is reflected in consumer habits and how they approach innovative products and services. One of the most important areas to note comes across as the open breaking point known as the cliff.

Consumer Preferences

There is a gap between early adopters and early majorities. That's because consumers prefer to get advice from their group and copy recommendations. This leap represents a general market transition and bears many similarities with the life cycle of existing cryptocurrencies.

In order to overcome this gap, Geoffrey A. According to Moore's book Crossing the Chasm, he needs to offer a complete solution, provide a high level of service to convince pragmatists, and build a strong reputation for going word-of-mouth.

For example, although smartphones are a name we hear many times a day today, their growth in the first two years was only 20%. After that, they grew by 50% over the next five years as they managed to influence a larger audience. Apple's iPhone was released in June 2007 and had more than 300,000 sales in its first weekend, while the iPhone 3G came a year later, setting a sales record with 1 million units in its first weekend.

Apple's shares (APPL) were likewise expected to hit a record high with the aforementioned sales figures. But it was not expected, and a 63% rally took place in the second half of 2007. Yet even during this period, there was a price drop of 22% in just five days. Early 2008 was a difficult time for investors as AAPL fell from $ 28 to $ 18 in less than a month.

On the other hand, data from comScore shows that U.S. smartphone adoption struggled to reach the 10% level in 2008. Consumers were arguably at the” early adopters " stage. So even investments from large investment companies were being made with a certain acceptance of risk, and there were various concerns.

Bitcoin 2020 and Apple 2008

The latest data revealed shows that Bitcoin adoption is at the same rate as Apple adoption in 2008 and Bitcoin adoption in 2020: 11%. However, similar similarities are also seen between price volatility and the S&P500 correlation.

While Bitcoin may be considered an innovative technology with undisputed advantages over traditional financial instruments and gold itself, it has yet to prove to have trillion-dollar potential.

The definition of money was deeply imparted to society by traditional money systems dependent on intermediaries in society. Furthermore, money is often subject to irregular control by governments and central banks. Bitcoin could undergo some form of change to reach the early majority of pragmatists.

Apple, for example, experienced a huge boom following the release of the iPhone4, and adoption reached the desired dimensions. However, this required modifications to the previous model. So it could undergo some changes to its core principles for adoption in Bitcoin without being touched. This could increase the rate of adoption, just as Apple did, and Bitcoin could be part of our lives in the years to come, just as smartphones have been part of our lives today.