Bitcoin just fell in the chasm.
After a meteoric rise, Bitcoin’s price has fallen more than 50 percent in one month. The recent price crash fits a classic model of technology adoption. Geoffrey Moore’s best-seller, Crossing the Chasm, describes how the growth of a new technology follows predictable patterns.
According to Moore, there are three types of customers who first adopt technologies in a predictable sequence. Innovators are technologists at heart and arrive first, even before a compelling use case may exist. Next, Early Adopters are visionaries who have taken notice of the Innovators, and they see the disruptive potential of a new technology.
Finally, the Early Majority arrives. These customers are pragmatists. They do not seek the first-mover advantage that the Early Adopters prize; rather, they want workable solutions and will not be patient with glitches and bugs. This group is massive compared to the Innovators and Early Adopters, and their adoption is critical to a technology’s success.