I've been saying this since 2013, after I started the first bitcoin merchant directory. Even way back then I could scrape tens of thousands of businesses' info off the web that claimed to accept bitcoin, but I simply didn't have any shoppers visit that directory. Total ghost town.

It finally dawned on me that phase 1 of adoption (Store of Value) needs to be widespread before phase 2 (Method of Exchange) can begin in earnest.