Global Bitcoin adoption to hit 10% by 2030: Blockware report

According to a new report, Bitcoin adoption could be more rapid than that of other disruptive technologies like electric cars and automobiles. Global take-up is expected to reach 10% by 2030.

Blockware Intelligence reported that it had arrived at its June 8 forecast after studying historical adoption curves of nine disruptive technologies such as automobiles, electric power and smartphones. It also looked at the rate of Bitcoin adoption growth since 2009.

“All disruptive technologies follow an exponential S-curve pattern but […] older network-based technologies continue being adopted much faster that the market expects.”

The report was then able calculate its prediction by using the weighted and average historical technology adoption curves as well as the growth rate for Bitcoin adoption.

According to the report, based on a measure called Cumulative Sum Of Net Entities Growth and Bitcoin’s predicted “CAGR at 60%”, it was projected that global Bitcoin adoption would surpass 10% by 2030.

Blockware Intelligence, the research arm at Blockware Solutions, is a Bitcoin mining company and blockchain infrastructure company. You might expect it to be bullish about adoption.

According to the intelligence unit, Bitcoin adoption will reach saturation faster than other disruptive technologies due to direct monetary incentives and the current macro-environment. The internet will also accelerate adoption growth.

“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,” the report explains.

“With Bitcoin direct financial incentivized adoption, it creates a game theorem in which everyone’s best reaction is to adopt Bitcoin.”

Like the internet, smartphones and social media, bitcoin also benefits from the increased adoption of the technology. This is called the “network effect”.

“Case In Point: If you were the only person on Twitter, would it have any value?” It wouldn’t. These technologies are more valuable if there are more users.

Similar: Deloitte: 75% of retailers are interested in crypto payments within the next 24 months

The Blockware report authors stressed however that the model used for predicting adoption rates was conceptual at this point. They added that it was not meant to be used in short-term trading or investment advice and would continue to refine it. However:

“The trend is clear: Bitcoin’s global adoption and price will increase significantly in the future.”

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

Over the past few years, cryptocurrency adoption is on the rise. According to data from TripleA (a global cryptocurrency payment gateway), global crypto ownership rates averaged 3.9% in 2021. There are more than 300 million crypto users around the world.

Chainanalysis, a blockchain data platform, revealed last year that the global adoption of cryptocurrency and bitcoin soared by 881% between July 2020 and June 2021. It revealed that Vietnam had the highest adoption of cryptocurrency, leading all 154 countries examined, followed closely by India and Pakistan.

A survey by cryptocurrency exchange Gemini in April found that crypto adoption has skyrocketed in countries like India and Brazil in 2021. More than half of those polled from the 20 countries it surveyed said that they had started investing in crypto in 2021.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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