in

Bitcoin Adoption Faster Than Internet and Mobile Phones

GBTC-3iQ-Galaxy-Digital


advertisement


Bitcoin in 2020 is proving to be a true hedge against inflation as more mainstream financial giants are coming out in support of the top cryptocurrency and making it available to their clients. Many financial pundits and critics alike believe that bitcoin has finally arrived on the mainstream financial front. While the 2017 bull run was carried by retailers and speculation, the 2020 bull run is being moved by the institutional interest and growing adoption.

Advertisement

StormGain

The adoption curve of bitcoin in fact has left all other major global technology infrastructure rollouts such as mobile phones and even the internet. Willy Woo a crypto analyst and bitcoin proponent on Twitter highlighted the growing bitcoin adoption and believes if the adoption rate of the top cryptocurrency continues to rise as per its current rate, within 4 years 30% of the world population would own bitcoin.

Surprising fact: Assuming the Bitcoin adoption rate continues its present 2.2x per year “Moore’s Law” of growth (which it has for 10 years so far), then 30% of the world population will own Bitcoin in 4 years’ time.

The adoption curve here onward is expected to rise faster given the entrance of mainstream players such as PayPal and S&P Dow Jones Indices. The inflow of institutional players and traditional giants would help bitcoin reach the most traditional and mainstream market.

Bitcoin On-Chain Data Looks Healthier Than Ever

Bitcoin has seen a bullish price burst over the past month taking its price near its all-time high of $20,000. The king coin has been consolidating above $19,300 and trying to breach the crucial $20,000 level.

The on-chain data suggest that the price rally is still driven by institutional players since the number of new entities is comparatively low than in 2017 despite the constant rise. This suggests that the ongoing price rally is being primarily driven by institutional players than retailers.

Source: Glassnode

The heightened on-chain activity on the Bitcoin network suggests a healthy growth, adoption, and usage of the network. The on-chain active entities per day have reached 400,000 active entities per day which is just 4% short of its previous high. This value has only been higher once than the current value sometimes after 2017 ATH.

Advertisement

Cryptocoincoach

Source: Glassnode

To keep track of DeFi updates in real time, check out our DeFi news feed Here.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Internet Searches for ‘Bitcoin’ Explode amid Inflation Fears

OCC Head: Nobody Will Ban Bitcoin

OCC Head: Nobody Will Ban Bitcoin