“… You’re speculating that it will be that in the future.” “Many people - myself included - would say the store of value is a great use case for bitcoin,” he said. He said bitcoin’s volatility is also spurred by the interest some people have in grabbing onto the crypto as a store of value (with the added lure of the fact that it is the most secure and oldest blockchain in the world) even if they’re not, actively, looking to buy and sell goods and services with the coins (or fractions of them). That stands in marked contrast to national currencies like the dollar, where central banks can manipulate supply to try to maintain pricing within some prescribed or preferred band. So, if demand goes up, it’s going to be reflected in the price. It’s impossible to create more crypto beyond what its algorithm prescribes, and as Pair said, “because that supply function is fixed, then your price is going to be very reactive to changes in demand. As Pair noted, the casual crypto user might not understand that the current volatility is the basic economic function of supply and demand at work. That volatility might make some people hesitant to embrace cryptos as a means of commerce.Īs BitPay CEO Stephen Pair told PYMNTS, the market is starting to see the differences in crypto customers and treat them accordingly. At a recent $62,000, we’re leagues above lows around $3,000 seen not all that long ago, and near new highs. After all, it’s not uncommon to see bitcoin - the marquee name and arguably the proxy for the space - to swing wildly by 20 percent or more percentage points. It’s early innings, yet, and volatility remains the key crypto hallmark. The result is the emergence of different approaches, products and/or ecosystems - different paths and options - that support different ways to cross the Rubicon from investing and speculating toward actually transacting.
After all, the PayPal user who buys a latte at Starbucks is a lot different from the investor who just spent $100,000 for Coinbase stock. As more consumers want to spend cryptos, and more merchants want to accept them, these personas take on greater importance. Or maybe it’s as simple as the sophisticated, hardcore crypto investor and the casual crypto-spending user. There’s the crypto-newbie, the crypto-enthusiast and the curious investor. Personas can work for even the most volatile industries, and there’s none more volatile right now than cryptocurrency. But a digital quality seeker will go for traditional banking companies and stay there. For example, a digital nomad won’t settle on one bank for very long.
On a high level, they can help companies understand the needs, behaviors and attitudes of key customer groups. From a marketing and research perspective, there’s a lot to be said these days for the use of personas.
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