Global adoption of Bitcoin will reach 10% by 2030: Blockware report

Global adoption of Bitcoin will reach 10% by 2030: Blockware report – Mail Bonus

The adoption of Bitcoin (BTC) could take place faster than the adoption of previous disruptive technologies such as cars and electricity, as world consumption is likely to reach 10% by 2030, according to a new report.

In its June 8 report, Blockware Intelligence said it had come to this prediction by looking at historical adoption processes for nine previous disruptive technologies, including cars, electricity, smartphones, the internet and social media, as well as the growth rate of Bitcoin adoption since 2009.

“All disruptive technologies follow a similar exponential S-curve pattern, but […] Newer online technologies continue to pick up much faster than the market expects.

Using the average and weighted average historical technology recording processes, as well as the growth rate of Bitcoin recording, the report was then able to make its prediction.

It said that based on a measure called the cumulative sum of net growth and the forecast of Bitcoins, “CAGR of 60%, we predict that global Bitcoin adoption will exceed 10% by 2030.

Blockware Intelligence is a research arm of Blockware Solutions, a Bitcoin mining and blockchain infrastructure company, so you might expect it to be bullish on adoption.

The Secret Service said it expects Bitcoin adoption to saturate faster than many other disruptive technologies, with direct money incentives to adopt the current macroeconomic environment and because the growth of adoption will be accelerated for the Internet.

“From the consumer’s point of view, the previous technology had convenience / efficiency-related incentives to adopt it: by picking up cars, you allowed yourself to zoom past the horse and cart, by adopting your mobile phone, you could make calls without being tied to landline, “says the report. explains.

“With Bitcoin directing financially motivated adoptions creates a game theory where everyone’s best response is to adopt Bitcoin.”

Bitcoin, like the internet, smartphones and social media, also benefits the more people who adopt the technology, known as “networking”.

“For example, if you were the only user on Twitter, would it be worth anything? It would not. More users are making this technology more valuable. “

Connected: 75% of retailers look at cryptocurrencies within 24 months: Deloitte

However, the authors of the Blockware report emphasized that the model used to predict adoption rates was only subjective at this stage, adding that it was not intended to be used as an investment advisory or short-term trading tool and would continue to be so. refined. On the other hand:

“The general trend is clear; there is a high probability that the global adoption of Bitcoin will grow significantly into the future and thus the price.

The report and model were reviewed by several cryptocurrency investors and analysts, including executives from Ark Invest, Arcane Assets, AMDAX Asset Management and M31 Capital.

The adoption of cryptocurrencies has been growing rapidly in recent years. In 2021, the global cryptocurrency holdings average averaged 3.9%, with over 300 million cryptocurrencies worldwide, according to TripleA, the international cryptocurrency gateway.

Blockchain data platform Chain analysis last year revealed that global adoption of bitcoin and cryptocurrency increased by 881% from July 2020 to June 2021. It was found that Vietnam had the highest adoption of cryptocurrency, leading 154 countries analyzed, followed by India and Pakistan.

In April, a survey conducted by the cryptocurrency exchange Gemini revealed that cryptocurrency adoption skyrocketed in 2021 in countries such as India, Brazil and Hong Kong, where more than half of the respondents from the 20 countries surveyed stated that they had started investing in cryptocurrencies in 2021.