On October 12, Woonomic, a Bitcoin analyst, via Twitter, said that going by the adoption curve, one billion more people will adopt Bitcoin in the next three years. The projected adoption rate for the coin is a staggering 12% of the global population.
#Bitcoin took 6 months to get 1000 users; 5 years to find 1 million users.
Today, 13.8 years from inception, it has 300m+ users, 4% of the world.
At current growth rates, 1 billion users will be hit in the next 3 years. That's 12% of the world. pic.twitter.com/akMbNySaGw
— Willy Woo (@woonomic) October 12, 2022
With Bitcoin in 2021 having the same number of internet users as in 1997, the adoption curve from last year predicted that Bitcoin would reach one billion users after three years. A year later, there are 300 million Bitcoin new users.
Many countries have been left with no choice but to incorporate blockchain technologies. Several nations are open to creating CBDCs on this decentralized layers to keep up with global trends with some even adopting BTC as legal tender.
DLT enables central banks to control the coin while also making it easier to make monetary policy changes. Whenever they adopt blockchain, they are fully utilizing the advantage the technology; decentralization. This feature was aptly demonstrated by the pioneering efforts of Bitcoin.
Despite the increasing adoption of Bitcoin and banks leveraging technology, the U.S. Federal Reserve‘s campaign against inflation has not been beneficial from an average person’s perspective. Citizens’ spending and pay rises are constrained to combat inflation.
There has never been any evidence that inflation is solvable. However, cryptocurrencies can be used to circumvent inflation. They can act as a medium of exchange, or currencies. Nonetheless, unlike fiat, cryptocurrencies like Bitcoin or Litecoin, are mostly deflationary in nature. When fiat money value falls, the value of your crypto tend to rise as users flow, accumulating the coin due to its inherent deflationary characteristic making it a store of value.
Although, with approximately 2 million coins still to be mined on the Bitcoin network, it is expected that the platform will only have to contend with more blame from environmentalists. Bitcoin mining is an energy intensive process and currently, most project prefer alternative consensus mechanisms like Proof of Stake.
All the same, Bitcoin is a reputable blockchain and the most valuable network that has shaped the financial markets. Therefore, Bitcoin Maxis will undoubtedly keep the father of all cryptocurrencies active and relevant.
