A new assessment suggests that by 2030, the global Bitcoin adoption will have increased by more than 10 percent. This pace of acceptance is probably going to be quicker than the adoption of prior new technology like automobiles and electric power.
Blackware Intelligence stated in a report published on Wednesday that it arrived at this forecast by analyzing historical adoption curves for nine previous disruptive technologies, such as automobiles, electric power, smartphones, the internet, and social media, in addition to the growth rate of Bitcoin adoption since 2009:
“Every disruptive technology follows a similar exponential S-curve pattern,” yet “newer network-based technologies continue to be adopted quicker than the market anticipated,” the article states.
Therefore, the research arrived at its projection by using the average and weighted average of past technology adoption curves and the growth rate of Bitcoin adoption.
It was said that using a measure called Cumulative Sum of Net Entities Growth and Bitcoin’s expected “CAGR of 60 percent, we estimate that worldwide Bitcoin adoption would break over 10 percent in the year 2030.” This prediction was based on the fact that Bitcoin’s predicted CAGR was calculated.
As Blockware Intelligence is the research section of Blockware Solutions, a company specializing in Bitcoin mining and blockchain infrastructure, you would think that it would have a favorable stance on adoption because Blockware Solutions is the parent company.
Given the direct monetary incentives to adopt, the current macro-environment, and the fact that the internet will accelerate adoption growth, the intelligence unit stated that it expects Bitcoin adoption to reach saturation quicker than many other disruptive technologies. This is because the internet will accelerate Bitcoin adoption growth.
As per the study’s findings, “From a consumer’s point of view, previous innovations offered convenience-related incentives to embrace them. For example, adopting vehicles allowed you to whiz past the horse and carriage; adopting the cell phone allowed you to make calls without being connected to a landline.”
When it comes to Bitcoin, direct financial incentives for adoption establish a game theory in which the ideal reaction for everyone is to embrace Bitcoin.
The term for this phenomenon is the “network effect,” which applies to technologies such as the internet, cellphones, and social media. Bitcoin, like many other technologies, also experiences this phenomenon.
“For example, if you were the only person using Twitter, would the platform still have any value? The answer is no. The more people who utilize these technologies, the more valuable they become.
However, the authors of the Blackware report emphasized that the model used to predict the adoption rate was only conceptual at this stage. They also stated that the model is not intended to be used as investment advice nor as a short-term trading tool and that it would continue to be refined.
It is abundantly evident that the general trend will continue; there is a reasonable likelihood that the worldwide popularity of Bitcoin will considerably increase in the future, and as a result, so will its price.
Several crypto investors and experts, including executives from Ark Invest, Arcane Assets, AMDAX Asset Management, and M31 Capital, examined the study and model before it was published.
The use of cryptocurrencies has seen explosive growth over the last several years. According to statistics provided by TripleA, a global cryptocurrency payment gateway, the average percentage of people worldwide who owned cryptocurrencies in 2021 reached 3.9 percent, and there were more than 300 million people using cryptocurrencies throughout the globe.
Chainalysis, a blockchain analytics platform, reported late last year that between July 2020 and June 2021, there was an increase of 881 percent in the worldwide adoption of Bitcoin and other cryptocurrencies. It was discovered that Vietnam had the most significant adoption of cryptocurrencies, ranking first out of the 154 nations that were evaluated, followed by India and Pakistan.
In a survey carried out in April by the cryptocurrency exchange Gemini, it was discovered that the adoption of cryptocurrencies skyrocketed in 2021 in countries such as India, Brazil, and Hong Kong. More than half of respondents from its 20 countries polled stated that they began investing in cryptocurrencies in 2021.