According to a published report by Blockware Intelligence, the adoption of bitcoin can happen faster than the introduction of past breakthrough technologies such as cars and electric power.
According to the conclusion, global Bitcoin adoption will reach 10% by 2030. That is, 10% of the world's population will use bitcoin.
This report is based on an analysis of nine past breakthrough technologies, including cars, electricity, smartphones, the Internet and social networks, taking into account the growth rate of bitcoin adoption since 2009.
Features of the adoption of new technologies
Almost all new technologies are adopted in the same way. At first, people do not accept them, they seem to be something strange, not understandable, not important and not too necessary.
However, with the development of technology and its spread around the world, more and more people are beginning to use this technology, understand its convenience and advantages.
Gradually, from an unnecessary and incomprehensible technology, it turns into a necessary and useful one, and more and more people begin to use it. Thus, after a slow and gradual implementation, rapid and consistent growth begins.
The report presented by Blockware Intelligence is based on a metric called Cumulative Sum of Net Entities Growth and Bitcoin's predicted “CAGR of 60% we forecast that global Bitcoin adoption will break past 10% in the year 2030.”
Features of the adoption of bitcoin
At the same time, the Blockware Intelligence report indicated that it is expected that the adoption of Bitcoin will be done faster than many other breakthrough technologies, given the direct monetary incentives for implementation, the current macroeconomic environment and because the growth of adoption will be accelerated by the Internet.
And if morally, for many breakthrough technologies of the past, people were not ready enough, they seemed scary and unnecessary, then the active introduction of bitcoin is accelerated by the development of the Internet and the widespread use of mobile communications.
The Internet and mobile communications have become the basis for the accelerated introduction of blockchain technology and bitcoin.
The current economic crisis, problems with national currencies, high inflation in many countries and the inability of the authorities to cope with economic problems will further accelerate the introduction of bitcoin, as people will increasingly look for an alternative to the existing financial system.
At the same time, in conclusion to this report, it is indicated that, taking into account the analysis of the presented data and the current economic and political situation in the world, the general trend is obvious.
It is that there is a high probability that the global adoption of Bitcoin will increase significantly in the future. And this will provoke an increase in the asset price.
Previous analyses of the technological implementation of breakthrough technologies show us that the adoption is slow at first, and then the speed of development increases rapidly.
At the moment, Bitcoin is still in its “slow” phase of development. And although at the moment there is a risk of holding BTC (due to its volatility and legal uncertainty), there is no less risk of not holding (hodling) BTC at this initial stage of its adoption.