The current state of the crypto industry is like joining the internet in 1998. Those who are present now are part of an "early party" that could grow to be huge later.
The current state of the crypto industry can best be compared to the "America Online era" of the internet in the 1990s, says Sandeep Nailwal, co-founder of Polygon. He believes that mainstream crypto adoption is at least 10-15 years away, and that today we are only in the rudimentary development stage of basic functionality.
The crypto industry today is in the era of the dial-up internet
It's like the the age of the internet, back when you had to be a dial-up connection and you had to be a minor engineer to be able to connect at all," Nailwal said in an interview with Cointelegraph.
Just as it took the internet 30-40 years to truly reach global mass adoption, Nailwal believes crypto will follow a similar path. In the late 1990s, the internet was mainly used for email and basic browsing, but today it is fundamentally shaping the entire economy. Sandeep believes that the current state of crypto is similarly at the beginning of its trajectory.
Crypto as a financial experiment
The main current application of crypto is in finance: trading, mainly speculation, and decentralised financial services. However, Nailwal stressed that even this "basic function" is not fully developed. The According to River 2025's February report for example, only 4% of the world's population own Bitcoin (BTC), the first and best-known cryptocurrency.
The analysts who wrote the report believe that Bitcoin is only at 3% of its potential global adoption trajectory. That is, they believe the adoption curve for crypto innovation is still in the early adopter phase. These are those who join a new technology very early, before it becomes widespread.
The future: decentralised social media and gaming
According to Nailwal, as financial applications mature, cryptotechnology could spread to other sectors. These could include decentralised, blockchain-based social networking sites, the blockchain-based games, or other niche solutions for your industry. This process is already underway, but more user-friendly solutions are needed for mass uptake, for example:
- simple fiat–kripto conversion options
- crypto wallets with key recovery
- hardware disks built into mobile devices
Join now = arrive early to a party
According to the co-founder of Polygon, joining crypto now is like joining the internet in 1998. Those who are present now are part of an "early party" that could grow to be huge later.
Investors' eyes: a waiting game
For Bitcoin, it is therefore recommended to play the long game. Simply put: Buy and HODL.
So crypto is still far from being a mature industry. But as the internet becomes more streamlined and ubiquitous, it too could reach that stage - provided the industry can overcome technical difficulties, improve the user experience and gain the trust of a wider audience.
