While Blockchain technology and concept of cryptocurrencies enter economical markets of more and more countries, people getting interested in the new electronic monetary phenomenon. While some countries have strong established and regulated policies that are effectively monitored and enforced, others just starting discussions about adoption of the Blockchain technology and cryptocurrencies governance. There are multiple questions about this phenomenon, that keep a lot of people wonder. For example, does Bitcoin only has an influence on digitally savvy young IT professionals or it has a chance to impact larger communities? If Blockchain technology and cryptocurrencies aim to become an alternative to general currencies, how office clerks, truck drivers, customer service representatives, maintenance and repair workers, nurses and people of other professions not associated with IT or business, get engaged in cryptocurrency world?

Whenever you click news or economics channel, interviewers and their guests speculate whether a leader among cryptocurrencies, Bitcoin, is a new economic development ready to influence major economies of world leading countries, or just a balloon ready to explode any minute enriching key figures behind it? Condensed news media coupled with speculations from economists and financiers who used to formal ways of monetary operation, create uncertainty, thus making people reluctant whether to engage with the crypto world. While professionals tend to divide on this subject, due to intensive media coverage surrounding it, it is foreseeable that industry will be around for a long time.

According to the Coin Dance, the majority of Bitcoin users are between 25 and 34 years old, and over 96% of users are males.

Also, in a recent research by Scott Schuh and Oz Shy (2016), it was found that those aware of Bitcoin are likely to be highly educated (college or post-graduate), have higher income and wealth, and typically white males. In addition, users of PayPal, Google Wallet, and Internet banks are also more likely to be aware of Bitcoins (Schuh, Shy, 2016).

These statistics show a reason for major criticizing of crypto industry, as it is extensively dominated by white males who are experienced with modern electronic types of banking.  Interesting to note that a topic of Blockchain technology and Bitcoin have been only for private eyes of those who are heavily into IT and crypto mining, however, intensive market activity strengthened by record high Bitcoin price, persuade people from various industries and social classes to explore a new investment class.

While doing normal daily activities like grocery shopping or working out in a gym I have started to notice more people discussing news, investment success stories, and further development of the industry. Typically, these people do not have to be successful businessmen experienced in IT, rather they are young entrepreneurs, students, and housewives who are excited about the new direction of the economy and future ahead. As an emerging trend that continues to grow Bitcoin accounts for approximately 14 million wallets, however, it is difficult to determine the exact number, as one user can own multiple wallets. However, the industry can’t expand if it targets such a small segment of a world population. What about those people interested to get on board? While Blockchain and Bitcoin remain a field for experienced IT guys, isn’t it a time to expand the horizons? Does Bitcoin have to remain only for inner circles, or it can target and attract a larger segment? While there is much speculation about the industry in the media, it is important to not forget about general population that is also eager to learn about the new economic phenomenon. Thus, for the continuous evolution of the industry it is vital to start offering educational programs, college courses, seminars, classes, webinars, and conferences aimed not only to stuff the wallets of organizers, but also to ensure that no matter the differences in gender, occupation, income level, and computer literacy, anyone can start exploring the crypto industry, thus, develop, influence, and shape the Crypto People Movement.

Yuliana Umanets, MBA, DBA Candidate

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