As a seasoned observer and commentator in the ever-evolving world of cryptocurrency, I find myself constantly captivated by the dynamic nature of this industry. Like a chameleon adapting to its environment, I’ve had to stay nimble and forward-thinking to keep up with the relentless pace of innovation.
In the world of cryptocurrencies, Mike Ermolaev, the founder of Outset PR, is recognized as one of the most influential communicators.
For the past four years, Ermolaev’s public relations strategies have significantly contributed to the expansion of cryptocurrency wallets, exchanges, and decentralized platforms, subtly reshaping the overall public image of the crypto industry. In this conversation, Ermolaev gives us a peek behind the scenes of the crypto PR world, discussing topics like the impact of ‘bro culture’ and the strategy he’s refined over his extensive career for promoting widespread acceptance of cryptocurrencies.
Crypto’s PR Problems: A Fragmented, “Wild West” Legacy
In response to queries about the origins of cryptocurrency’s PR troubles, Mike Ermolaev emphasizes the disjointed storyline within the industry as a primary cause. He suggests that the industry’s less-than-stellar image is more linked to its “Wild West” history rather than specific individuals or incidents. Drawing parallels between the development of cryptocurrency and the early phase of the internet, he notes:
Cryptocurrency doesn’t have a deliberate, well-defined public perception – instead, its reputation has evolved naturally through successive technological advancements such as NFTs, DeFi, metaverses, ICOs, and more. This reminds us of the early days of the internet, often referred to as the Wild West era, where unpredictable events prevailed, making it challenging for a consistent, enduring image to take root in people’s minds.
At first glance, cryptocurrencies may appear as an enigmatic, volatile endeavor with a puzzling framework. Unlike conventional banking, they don’t have the immediate trust factor because users often need to understand their inner workings before fully trusting them. Clarity about how a crypto project operates is crucial, and when it lacks transparency, people’s interest tends to wane.
Bitcoin‘s dramatic price swings often lead to perplexity. To an outsider, observing Bitcoin rise from approximately $16,000 in late 2022 to nearly $90,000 by the end of 2024, with periods of tranquility interspersed with significant spikes, can be a rollercoaster experience. The factors behind these fluctuations are not always transparent. Compared to gold or stocks, cryptocurrency appears significantly more volatile and unpredictable. While industry experts may understand the forces shaping the changes, for most people, it seems like an erratic mess of random events.
Ermolaev points out that media sensationalism worsens the industry’s public perception by focusing on swindles and dramatic market plunges that attract interest. He also mentions that the wealth amassed by early investors further complicates matters. “It’s challenging for people to comprehend that an initial $5,000 investment in Bitcoin at its inception could be worth millions now,” he says. This often leads the public to believe that the industry is either on the verge of collapse or, even more concerning, a widespread fraud.
For crypto PR professionals, Ermolaev suggests gradually reshaping this perception by emphasizing stability and long-term potential over sensationalism. He believes that as the industry matures, institutional investors are stepping in to cushion the ride and pioneers with bold visions are finally becoming more visible. However, until that maturity fully takes hold, crypto will continue to be shaped by shifting market trends and headlines.
Does Crypto Need a Rebrand?
Asked whether crypto needs a rebrand, Ermolaev argues that lasting improvement won’t come from rebranding alone. Long-haul gains, not short-term fixes, are what he believes the industry should be aiming for. Traditional branding approaches, he says, aren’t suited to an industry that changes as quickly as crypto.
According to him, it’s crucial to employ agile, adjustable methods that can keep pace with the fast-changing industry landscape. The rate at which new products, tendencies, and technologies appear is so swift that traditional long-term strategies are no longer effective. Successful leaders in this field should strive for a harmony between forward-thinking vision and the ability to instantly adapt.
According to Ermolaev, even though difficulties in the crypto world may seem severe at first, they can serve as valuable learning experiences, demonstrating the hidden power and robustness of the industry.
Over time, Ermolaev anticipates that the focus surrounding cryptocurrencies will organically evolve from speculation to practical use. The ventures that endure these cycles and provide genuine, functional value—particularly in the intersection of digital currencies and conventional finance—will spearhead the next phase of acceptance. He envisions the future standing of cryptocurrencies hinging not solely on public relations efforts but on the creation of dependable, non-speculative products capable of addressing real-world needs.
The main challenge facing the cryptocurrency sector isn’t about its reputation; it’s about consistent advancement. What truly matters is creating dependable, practical products that can facilitate seamless transactions between crypto and traditional markets. As these products prove their worth, the conversation will naturally evolve towards legitimacy and trust.
“The world of cryptocurrency requires an adjustment – we should redirect our attention from flashy graphics towards tangible advantages that genuinely enhance people’s everyday experiences. The future of this sector will not be defined by marketing strategies, but rather by the practical applications, breakthroughs, and advancements it delivers to users,” he explains.
The Real Barriers to Crypto Adoption
When questioned about whether “bro culture” in the crypto community influences adoption, Ermolaev swiftly redirects the discussion towards more tangible obstacles. According to him, the narrative style within cryptocurrency isn’t nearly as critical as the underlying structural problems that hinder mainstream acceptance. He elaborates, stating that these fundamental issues are far more impactful than any community culture.
As an analyst, I find that the notion of a dominant ‘bro culture’ in the crypto community may not be as influential in driving mass adoption as some believe. Instead, the real challenges are deeply rooted: the extreme volatility, demanding learning processes, and unclear regulations. These hurdles seem to overshadow the tone or culture of the community itself. For users, it’s less about how crypto projects present themselves and more about ensuring accessibility, dependability, and trustworthiness.
He observes that most governments are hesitant to allow crypto to operate freely, apart from exceptions like El Salvador or the Central African Republic, where national currency instability has driven a different approach. He argues that regulation, rather than public sentiment or community culture, will ultimately dictate the pace of crypto’s mainstream acceptance:
Should a significant economy such as the United States legalize cryptocurrency completely, widespread acceptance could happen rapidly. In this scenario, the attitude of the community or media representation would hold less weight – what would be crucial is that cryptocurrencies would receive official authorization to function without restriction.
Additionally, Ermolaev points out that the fluctuating nature of the cryptocurrency market impacts public involvement. He explains that “As Bitcoin reaches record highs, the excitement attracts more participants. However, when a slump occurs, the timid depart, revealing the dedicated long-term supporters.
Building Trust Through Tangible Value
Ultimately, Ermolaev feels that regulatory understanding and real-world usefulness are crucial for widespread acceptance, as they will outweigh community dynamics or style in the end. He emphasizes that the general public’s adoption depends on practical applications.
A significant change will be noticed once the cryptocurrency sector creates tools that provide genuine, lasting benefits – not just for crypto aficionados, but for average individuals as well. These tools should directly tackle the issues faced by ordinary people in their daily lives.
According to Mike, it would be advantageous for traditional industries and cryptocurrency to collaborate. He thinks that the solutions that truly connect with individuals are those that address the issues they encounter and offer features that have real significance. To achieve success, he emphasizes, it’s essential to develop tools that people can easily grasp, depend on, and effortlessly incorporate into their daily lives.
Ermolaev sees actions by tech titans, such as PayPal introducing its own stablecoin, as significant milestones towards widespread crypto acceptance in everyday life. He anticipates that if a global powerhouse like Amazon were to adopt stablecoins, the rate of adoption would grow at an incredibly fast pace. He underscores the importance of real-world integration for crypto to truly take hold.
Handling Boom-Bust Cycles
From my perspective as a crypto investor, I’m maintaining a guarded optimism regarding the future of cryptocurrencies. The recent upward trend, which appears to have been fueled by President Trump’s comments, might continue to gather steam.
Currently, it seems like the cryptocurrency sector is regaining momentum, with groundbreaking advancements in Decentralized Finance (DeFi) and layer-two technologies making their debut. These innovations are introducing revolutionary concepts into the limelight.
As innovation speeds up, so does market enthusiasm, but it also increases the likelihood of sudden declines, says Ermolaev. Trendy products might grab people’s interest for a short while, yet even as they lose popularity, they often provide useful insights and concepts that can be refined to develop something new, captivating, and long-lasting. Ermolaev contends that these cycles of growth followed by contraction are inherent in the industry, and that dealing with reputational risks is unavoidable. However, he underscores that regulation will have a significant impact: it will serve as the decisive factor in shaping the future landscape.
Once significant economies such as the U.S. or the EU establish definitive regulations, we can expect a surge in unparalleled acceptance within the market.
Before the regulatory situation becomes clear, Ermolaev anticipates that the pattern of strong rallies followed by corrections will continue, with each occurrence drawing in more individuals and moving cryptocurrency further towards mainstream acceptance.
Ultimately, Ermolaev thinks that for widespread acceptance to be successful, it’s crucial to have clear regulations and practical value in the real world. These elements would eventually outweigh the influence of community culture or mood.
He notes that mainstream acceptance is contingent on practical utility,
A significant transformation will take place within the cryptocurrency sector once it starts creating tools that provide genuine, lasting benefits, not just for crypto aficionados, but also for ordinary individuals facing real-world issues. These tools ought to directly tackle and solve these everyday problems.
As a researcher, I foresee that when a tech titan such as Amazon introduces support for stablecoins, it could significantly accelerate their widespread acceptance and use in everyday transactions, highlighting the importance of real-world integration.
Mike advocates for a collaboration between conventional industries and the crypto sector. In his viewpoint, items that truly connect with individuals are those that address their challenges and offer functionality that is meaningful. He sums up by stating that “the key to success lies in utility – developing tools that people can easily comprehend, trust, and effortlessly incorporate into their daily lives.
About Mike Ermolaev
Mike Ermolaev’s insightful and non-PR focused articles and commentary are regularly featured in top industry publications. Here, he delves into trends, challenges, and future prospects within the crypto sphere. For example, in November 2021, Mike coined the term ‘Moonvember,’ predicting a new all-time high for Bitcoin. As forecasted, Bitcoin surged to an unprecedented $69,000 that month, underscoring his optimistic stance.
Ermolaev foresaw a significant increase in institutional investment in Bitcoin even before the approval of spot Bitcoin ETFs. He suggested that this influx would lead to a decrease in Bitcoin’s volatility over time, and as more institutions are entering the market now, we can see this prediction becoming a reality. This trend is making the crypto market more stable.
Furthermore, he also manages his renowned talk show titled “Mike Ermolaev’s Crypto Perspective“. This platform serves as a venue for him to interact with influential figures within the crypto and tech industries, gaining insights straight from trailblazers in the field. For instance, he has conversed with Paolo Ardoino, Tether’s CTO, about the robustness of the world’s largest stablecoin and their philanthropic endeavors; Allen Day, Google’s Web3 leader, regarding the amalgamation of blockchain and cloud services; Monica Long, Ripple‘s President, on regulatory obstacles; and Gracy Chen, CEO of Bitget, about gender imbalance in crypto and promoting diversity.
Outside the realm of cryptocurrency, Mike has conversed with notable personalities such as Matt Sorum, a Grammy-winning drummer who played for Guns N’ Roses and Velvet Revolver, hip-hop artist French Montana, and even members of royalty like Prince Philip of Serbia. This demonstrates his exceptional talent in connecting crypto discussions to broader cultural and societal dialogues.
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2024-11-20 10:55