The crypto market has been witnessing a period of uncertainty for the past few months. The world’s most popular cryptocurrency, bitcoin, has seen a historic fall in prices and has gone far below the $30,000 mark. Bitcoin, which once touched a high of $ 48,000, is raising the concerns of investors today. Most of the cryptocurrencies remain on the red mark. A report that came in the midst of all this is encouraging. Blackware Solutions, a blockchain infrastructure, and bitcoin mining firm, has released a report analyzing the speed of bitcoin adoption and what to expect next. The firm has estimated that by the year 2030 there will be at least 1 billion bitcoin users and 10 percent of the world will be using this network.
Cryptopotato, citing the firm’s press release, wrote in its report that perhaps bitcoin would be adopted faster than previous technologies. The firm expects that 10 percent of the world will join this network in just 8 years.
Will Clemente, the Lead Insight Analyst at Blockware Solutions, said in an interview that the impact of the bitcoin network in the coming year will be extraordinary. The report also argued that user adoption has a positive effect on bitcoin prices. Currently, the number of active users of the bitcoin network is estimated to be about 0.36% of the world’s population.
The report says the adoption of bitcoin is projected to be faster as the world adopts technologies such as automobiles and electric power. However, the authors of the report have emphasized that the model they used to make this prediction is only conceptual. Therefore, he is not giving any kind of advice to the investors.
It is worth noting that the adoption of cryptocurrencies has increased rapidly in the last few years. According to data from global cryptocurrency payment gateway TripleA, the global crypto ownership rate is expected to reach 3.9 percent in 2021 with over 300 million crypto users worldwide. Blockchain data platform Chainalysis revealed last year that the adoption of bitcoin and cryptocurrencies increased by 881% from July 2020 to June 2021. It was adopted the most in Vietnam and is followed by India and Pakistan.
A survey by cryptocurrency exchange Gemini also revealed that there has been an increase in crypto adoption in the year 2021 in countries like India, Brazil, and Hong Kong. A large number of people have started investing in crypto in these countries.