The team at Blockware anticipates Bitcoin’s adoption rate to be quicker than that of prior technologies but feels it is still in its infancy.
Blockware Solutions, a blockchain infrastructure and Bitcoin mining company, has produced research examining the adoption rate of Bitcoin and predicting its future. The firm’s estimate predicts a minimum of one billion Bitcoin users by 2030, with ten percent of the global population utilising the network.
According to a press release issued by the business on Thursday, the analysis plots Bitcoin’s future acceptance using the “S-curve” — a hypothesis that divides the adoption route of new technologies into five temporal phases.
The sequence of adoption among various sorts of individuals defines these phases. These are the Innovators, Early Adopters, Early Majority, Late Majority, and Laggards, in order. Theoretically, the majority of growth occurs during the Early Majority and Late Majority periods.
According to a February analysis by Wells Fargo, bitcoin adoption follows a similar path. It was said that crypto’s present adoption phase resembles that of the internet in the 1990s, and that “hyper-adoption” is imminent.
Very Early and Highly Bullish
The analysis by Blockware expects, maybe more optimistically, that Bitcoin will be embraced quicker than such previous technology. The team anticipates that 10 percent of the world will be connected to the network within eight years.
Thursday, Blockware’s Chief Insights Analyst Will Clemente discussed his team’s forecasts in an interview with Anthony Pompliano.
“Where we believe Bitcoin adoption to be, I believe we’re about to reach the primary S-curve of acceptance,” he remarked. Moreover, since the network is expanding “on the rails of the internet” and has built-in financial incentives, its “network effects” are anticipated to be remarkable.
In addition, the paper believes that Bitcoin’s price is positively influenced by the use of cryptocurrency. Currently, it is believed that around 0.36 percent of the world’s population are active Bitcoin network users.
Mitch Askew, a Blockware analyst, said that he “expected worldwide adoption to be greater” but considers the lower-than-anticipated number “very bullish.
“You have this network effect that keeps chugging along and expanding enormously… Clemente said that at some moment, an event will occur that will release the valve.
Also Read: 75% Of US Merchants Plan To Accept Crypto Or Stablecoins In Two Years, Says Deloitte
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