Bitcoin is on a tear recently, smashing through $50k and even flirting with $53k briefly. Between the upcoming 2024 bitcoin halving which will reduce supply further and the recent approval of the Bitcoin ETF earlier this year, there are some major catalysts sending BTC back towards ATH levels.
Understandably, the crypto community is buzzing that mainstream adoption is accelerating and a new wave of investors and users are expected to pile into the space after seeing Bitcoin all over the headlines again.
While great for widespread crypto adoption, this user surge presents some challenges and opportunities for crypto platforms looking to capture this growth. How can platforms establish themselves as trusted, authoritative destinations while also streamlining access for crypto curious newbies? Let’s dig a little deeper into that later.
Bitcoin Halving Driving Price and User Growth
For those new to crypto, the bitcoin halving is when the rate at which new bitcoins enter circulation gets cut in half. This happens every 4 years and limits supply, while demand keeps increasing. The next halving is expected in April and will drop the bitcoin issuance rate to just 3.125 BTC per block.
With bitcoin scarcity growing but interest skyrocketing thanks to mainstream adoption across corporations, institutional investors, and retail traders, demand will far outstrip supply. Simple economics means higher prices likely lie ahead.
The hype leading up to the halving also draws more attention and users into the crypto space. Platforms should expect a flood of curious newbies trying to get their slice of the BTC pie.
Bitcoin ETF Now Approved
The long-awaited Bitcoin ETF finally became reality this year when the SEC gave the green light. This was a major milestone, bringing access to BTC investments to traditional brokerage accounts for the first time.
Last week, the BlackRock ETF saw a staggering $2.2 billion in net inflows from investors eager to gain exposure to bitcoin's price growth. This immediate level of interest validates crypto as an investable asset class and proven store of value to the mainstream.
Bitcoin prices reacted appropriately, breaking through the $50k level and edging closer towards its previous all time high of around $68k.
This glimpse of past highs will almost certainly trigger even more investor FOMO and user growth across crypto platforms. The on-ramp lights are about as green as they have been for a long time.
Bracing for Impact: A New Wave of New Crypto Users
Between the upcoming bitcoin halving further restricting supply and the newfound mainstream endorsement of crypto thanks to the recent ETF approval, the stage is set for exponential growth in new investors flooding the market. Let’s take a look at some of the key ways platforms can prepare for this new influx.
Establishing Trust and Authority Through PR
Gaining people's trust and being seen as an authority should be top priorities for any crypto platform looking to onboard new users. This industry still suffers from perceptions of volatility, complexity, and sketchiness.
Strategic PR efforts that position executives as thought leaders and the brand as a trusted destination for information and community for new adopters is crucial. This could include reporter briefings, contributed articles to trade publications, executive bylined pieces in mainstream outlets, and speaker slots at conferences.
Partnering with a crypto PR firm experienced in branding within the blockchain industry provides immense value. Not only do they have existing media relationships with crypto-native publications, but they can tailor thought leadership positioning and help with messaging.
Streamlining On-Ramps for New Users
With investors entering the crypto market at unprecedented rates, their first experiences will be pivotal. Streamlining and simplifying onboarding processes should be priority one.
The initial account creation, profile verification, and funding flows should be extremely easy and intuitive. New users tend to have little crypto experience, so hand holding through concepts like wallets, keys, and transfers may be necessary within the UX design.
Ongoing Crypto Education and Support
Following on from the previous point about streamlining onboarding, the education and assistance for newcomers to crypto cannot stop after just creating an account. Ongoing learning resources and responsive customer support are paramount to keeping new users engaged and informed.
Some best practices would be creating libraries of video tutorials explaining concepts from beginner to advanced. Interactive quizzes or crypto simulations can gamify education. Staffing up support teams to field user questions via chat, email or phone and committing to quick response times builds trust. Additionally, fostering community forums, discord channels or Reddit pages facilitates peer-to-peer learning - which is always a nice authentic way to bring people up to speed.
Final Word
The crypto industry sits on the precipice of explosive new growth driven by accelerating mainstream adoption thanks to the recent Bitcoin ETF approval, as well as the upcoming BTC halving that will send coin prices even higher.
Platforms wanting to catch this wave need to act now to grease the onboarding wheels for the crypto-curious. We're talking about ramping up support teams to hand-hold the influx of newbies, producing tutorials and guides that make concepts digestible, and smoothing out UX speed bumps so first impressions feel frictionless.
Establishing reputations as trusted industry authorities through public relations campaigns can also give platforms an edge with investor sentiment. The takeaway? With mainstream adoption accelerating, crypto's future looks bright. But the platforms that will shine brightest are those taking steps today behind the scenes to welcome the next wave of crypto enthusiasts.
