Would it be remarkable to think that 50% of the world would use Bitcoin by the year 2020? Bitcoin is currently trading at $8,158.50 and the price is down 1.25% at the time of writing this. With increased volatility and the downward correction in the Bitcoin Network, investors are beginning to wonder if this is a good time to invest in cryptocurrencies.
Those new to cryptocurrency investing may think it’s too late to invest in Bitcoin but the crypto market offers opportunities to new investors every cycle. An increasing number of the world’s population is getting acquainted with Bitcoin and cryptocurrencies owing to its fast-paced adoption in the last three to five years.
Bitcoin’s price corrects upwards in times of geopolitical tension, crisis and trade wars, which has led to the image that cryptocurrency is a ‘safe haven’. A leading crypto analyst has claimed that as of 2019, only 0.4% of the world’s population has Bitcoin, but if Bitcoin follows the same growth rate as the internet, this innovative digital currency will see over 50% adoption by the year 2043. That statement was made before social media giant, Facebook introduced their own Libra digital currency, which started a world-wide dialogue about crypto and regulations. For the first time in a decade, regulators and lawmakers discussed the difference between Bitcoin and other cryptocurrencies and this might be the mainstream progress that we expect. This also means that Bitcoin is at the precipice of big change despite volatility and market cycles. There are no signs of stopping cryptocurrency.
Currently undisputed, Bitcoin is the most powerful decentralized technology to exist in the past decade. According to one crypto expert, Bitcoin is to money as the internet is to information, and claims that those who think they’re too late to get into Bitcoin should “think again.” When Bitcoin was launched, one of the first users spent 10K Bitcoins to buy a pizza, fast forward to 2019, people are using Bitcoin to buy houses. Bitcoin has an ROI of 5930% and it hit an all-time high of $20,089.00 in Dec 2017. While it was met with skepticism and fear initially, it eventually flourished into what it has become today: a safe haven for investors.
Bitcoin has often been referred to as the “gold standard” of cryptocurrency, with adoption of Bitcoin increasing at a faster rate thanks to internet access. This super highway of information has helped transform the landscape of digital currencies. Though there’s no denying that the crypto market was in a hype-driven bubble during the peak of the 2017 bull market, not only did Bitcoin’s price double from $10,000 to $20,000 in less than a month, but hundreds of altcoins reached valuations that will likely never be revisited.
While the same thing happened during the dot com bubble, the allure of emerging technologies and speculation over untapped potential caused investors to go all-in on projects they assumed would change the world. However, they were left disappointed in the end. Many tech stocks never recovered. It is expected that most altcoins may never hit the valuation of the historic bull run but eventually projects with tremendous potential like Ethereum, Ripple and Stellar Lumens will bring about a change and grow in value with years of development and adoption. This will help investors recover their losses and winners may rise from the ashes.
In the crypto market, winners are rebounding every day, and with Libra’s success and the thought that it could actually be the death knell of fiat currency, Bitcoin may get a much-needed boost and eventually become a household name - just like Amazon, PayPal or the internet. Reaching 50% for world market use? Yes, it’s possible.
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50% of the World to Use Bitcoin by 2020
