Comparing Bitcoin Adoption To The Internet
July 29, 2021 (Investorideas.com Newswire) Bitcoin adoption is exploding like never before, starting first with the onset of the pandemic and the massive shift toward digital transactions and supply scarcity. In the new world where social distancing matters and stimulus money is flooding markets with a glut of cash, the world of finance is finally broken beyond recognition.
National currencies like the dollar are weak and ready to ditch their paper fiat selves and enter the digital age themselves. All while this happens, Bitcoin and crypto continues to grow and take hold. They are not being used quite like cash just yet, but there is still a massive shift in interest toward this type of asset.
In fact, Bitcoin is growing even faster than the internet, making past comparisons of the two technology's disruptive power all the more interesting. Could Bitcoin eventually be as common as the website, email, and more? Data suggests that the leading cryptocurrency by market is on track to beat the internet's growth, but it also could be due to the internet's growth that this happens. Here is why.
Bitcoin Adoption Grows, Boosted By Pandemic
Everywhere you look, people are talking about buying Bitcoin, Bitcoin trading, or getting some type of exposure to crypto one way or another. Investors are buying up coins until there is none left of exchanges, and institutional investors are scooping up shares of Microstrategy, Square, Tesla, and other crypto-exposed businesses.
These businesses at one point had serious ROI to show for it, but a recent crypto market crash set things back a bit. However, the collapse hasn't led to a shift in sentiment, and people en masse are more bullish on crypto and Bitcoin than ever before. The last leg of the bull market is near, and it could be unlike anything the world has ever seen before,
The top cryptocurrency found support at $30,000 and is already back at $40,000. If the crypto asset can reclaim $50,000, the next target could be $75,000. After that the cryptocurrency could set its sights on six figures.
Price predictions and projections from industry experts range from $100,000 to $500,000 per coin, and these expectations are within a handful of years. If Bitcoin ultimately takes hold, and reaches the internet like adoption and user penetration, the price per coin could eventually reach millions.
How Bitcoin Compares To The Internet
Comparing Bitcoin to the internet might sound crazy, but the two are both protocols and are global settlement layers. One is primarily used to send and store data, while the other is used to send and store value. Bitcoin's underlying blockchain technology is now being adopted by other businesses and industries for other reasons, and thousands of altcoins now exist that have been made in its honor.
Even the likes of Marc Andreessen from Andreessen-Horowitz believe that Bitcoin is as revolutionary as the internet, if not more so. The reason being is because every human needs to use money, but not everyone needs to use the internet.
This could be one reason why Bitcoin adoption is actually reaching high levels of critical mass exposure faster than the internet did before it. It also is because the internet didn't exist yet which helps Bitcoin spread even faster.
Can Crypto Beat The Internet's Adoption Rate?
If the same trajectory keeps up, Bitcoin could reach 1 billion in users by the year 2025. That is just four years from now, while the internet took 7.5 years to make such a jump between the years 1997 and 2005. Thinking back to the internet of 2005, it has completely transformed into a much more useful form of itself.
Now envision Bitcoin another 15 years from now, with full support, adoption, and everyone using the cryptocurrency. What will the network look like? What will the price per coin be? It is impossible to say, which is why still today Bitcoin remains a highly speculative asset despite all the recent adoption.
Bitcoin might seem like it has a lot going against it. Pundits claim no one uses it as currency, governments are against it, and even more don't quite understand what it is or what it is capable of. But there was also once a time when people thought there was no need for an email, and that the website would never replace the magazine or the newspaper. And while those two aging paper technologies still exist today, they are nowhere near as dominant as they once were compared to digital counterparts.
The Future Fate Of Digital Finance
Some day, paper currencies will fall to a similar fate, sitting in a pile barely looked at aside from occasional use. The digital versions like Bitcoin or whatever currency ultimately wins will be commonplace and no one will even remember the struggles that it took to get there.
Time goes by, and technology becomes a normal way of doing things. It is now impossible to imagine a time without a refrigerator, a TV, or the internet. One day, Bitcoin could be alongside these mainstay technologies. The fact that the world may never know the true identity of someone who created something so powerful and disruptive, is the most selfless story that exists.
Satoshi Nakamoto essentially recreated money, took trust away from humans with technology, and has potentially saved the world from the grips of governments and their control over people through money. That is a powerful statement, and one that few understand the potential of currently. However, the person or group has fallen into obscurity and is presumed dead. They also are said to hold more than 1 million BTC across their wallets.
Bitcoin is still very young, having been compared to the early days of Apple or Amazon by the likes of Paul Tudor Jones. And look at where these internet brands are today. As a speculative asset today, trading Bitcoin on a platform like PrimeXBT is a way to increase BTC holdings without the pressure of buying coins at every dip. As Bitcoin adoption continues, buying BTC will become commonplace, but profiting from the rise up is possible with the right trading platform.
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