Blockware Intelligence report states that global usage of BTC by 2030 will hit 10%. The research company published the information on the 8th of June.
According to Blockware Intelligence, increased BTC adoption leads to increased price value. The firm compared Bitcoin to social media and the internet. Just like social media and the internet, BTC benefits from networking effects.
Hence, the more people embrace Bitcoin, its price will increase, leading to more adoption. The research company believes this will help push BTC adoption.
Bitcoin Adoption To Hit 30%
According to the firm, it obtained the report by assessing BTC’s adoption rate since 2009. Also, it evaluated the growth of other technologies like social media, the internet, etc. The company stated that;
“All new tech follow same exponential S-curve. However, recent network-based tech receive faster adoption beating market expectations.”
Additionally, the research firm noted that it based its prediction on two metrics. One of them is the Cumulative Sum of Net Entities Growth. The second parameter is the prediction that Bitcoin’s CAGR will reach 60%.
The intelligence arm noted that BTC adoption would rise faster than other nascent technologies. It believes the internet, present macro-environment and monetary incentives will help the sector achieve this.
Furthermore, the report explained that;
“From the perspective of a consumer, previous tech had convenience incentives that drove adoption. Bitcoin’s case is not different. Many see it as a financial leverage; this will help to push adoption.”
Meanwhile, the authors noted that they used a conceptual model for the prediction. Hence, no one should use it as investment advice or a basis for trading.
Several crypto analysts and investors reviewed the company’s model and report. Among them are executives from M31 Capital, Ark Invest, AMDAX Asset Management, and Arcane Assets,
Global Crypto Adoption
Over the last few years, crypto adoption has grown tremendously. As of 2021, global ownership of crypto was about 3.9%. Also, TripleA data revealed the number of crypto users was about 300 million globally.
In 2021, Chainanalysis, a blockchain data network, released data for crypto adoption from July 2020 to June 2021. The data revealed that global crypto adoption increased by 881% during that time.
Furthermore, from the countries analyzed, Vietnam had the highest adoption, and then India. Pakistan came out as third in the study.
In April 2022, Gemini, a crypto exchange, released the result for crypto adoption 2022. The research noted that countries like Brazil, Hong Kong and India had high crypto adoption.
Although regulations have been strict recently, the crypto industry continues to grow massively.