Global Bitcoin adoption will hit 10% by 2030, a Blockware Intelligence report shows. Wider adoption will drive higher value and an incentive for additional take-up.
The adoption of Bitcoin could happen faster than the adoption of disruptive technologies in the past, such as cars and electricity. A new Blockware Intelligence report shows that global digital gold take-up is likely to reach 10% by 2030, Cointelegraph reports. The firm came to this prediction by examining the historical adoption curves of nine past disruptive technologies, including automobiles, electricity, smartphones, the Internet and social media, and the growth rate of Bitcoin adoption since 2009.
“All disruptive technologies follow a similar exponential S-curve pattern, but [...] newer network-based technologies continue to be adopted much faster than the market expectations.”
The report states that 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.” The report shares an expectation that Bitcoin adoption sshould reach saturation faster than many other disruptive technologies given direct monetary incentives for adoption, the current macro environment, and because adoption growth will be accelerated by the Internet.
“From a consumer perspective, past technologies had convenience/efficiency-related incentives to adopt them: adopting automobiles allowed you to zoom past the horse and buggy, adopting the cell phone allowed you to make calls without being tied to a landline.
“With Bitcoin direct financially incentivized adoption creates a game theory in which everyone’s best response is to adopt Bitcoin.”
Bitcoin benefits from more people adopting the technology, which is known as the “network effect.” The report explains that the more users, the more valuable the technology.
“The general trend is clear; there is a high probability that Bitcoin’s global adoption will grow significantly into the future and thus so will price.”
It is worth keeping in mind that the Blockware model used to predict adoption rates is only conceptual at this stage. Therefore, it should not be considered as investment advice or a short-term trading tool. However, several crypto investors and analysts, including executives from ARK Invest, Arcane Assets, AMDAX Asset Management, and M31 Capital have reviewed it.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.