Cryptocurrencies have had a difficult time shaking off the image of scandal and blow-ups that followed the events of 2022. To achieve mainstream adoption, the crypto industry must explain the purpose of digital assets and offer tangible, easy-to-grasp products and services that consumers actually want. As Michelle O’Connor, Vice President of Brand and Global Communications at TaxBit, said, “I would love for us to start talking about the technology more, and real-world use cases.”
However, the industry struggles to communicate the broader benefits of crypto in a way that resonates. Caitlin Cook, Head of Marketing and Communications at Hxro Labs, noted, “How can you get people to buy into a system that they don’t understand on multiple levels?” The irony is that the core technology of crypto is designed to be trustless, so there should be no capacity for bad actors to do harm and thus no image problem. But the collapse of FTX and other 2022 events showed that people were putting their trust in organizations that may not have deserved it.
To learn more about how the crypto industry can improve its image and achieve mainstream adoption, download the full Consensus @ Consensus report.