With the crypto market booming in 2021, it was not surprising that there has been a significant increase in global crypto adoption. Since there has been a big shift towards digital systems, it is understandable that crypto adoption has also increased at the same pace. Recently a report from Blockware showed that the rate of Bitcoin adoption could actually be faster, as opposed to other technologies.
Bitcoin Users to Increase to 1 Billion
Specializing in Bitcoin mining services and the development of bitcoin infrastructure, Blockware Solutions recently published a report. The title of the report is ‘Bitcoin User Adoption’ and it showed that the adoption rate of this crypto would be significantly faster than any other technology.
The report further added that the value of the network could also increase with its growing user base. As more people join the Bitcoin network, its value is likely to go up. A number of factors were taken into account by the report and some of the other conclusions it gave was about the number of users surpassing the billion mark by 2030. The global adoption rate of Bitcoin is also expected to reach 10% by this time.
Will Clemente, Blockware’s Lead Insights Analyst, discussed the report and its findings. He said that they were almost ready to reach that point when it comes to Bitcoin adoption. He also asserted that the growth of the Bitcoin network coincided with the expansion and growth of the internet. Since it also offers monetary benefits, it means that the Bitcoin network has a great deal of potential.
This report on Bitcoin’s adoption came after another report that was titled ‘Bitcoin is Certainty in an Uncertain World’. It focuses on the appeal of Bitcoin in an inflationary market. Bitcoin’s use in such a situation also indicates that superior saving technologies are becoming a priority for people.
Adoption to Affect Bitcoin’s Price
According to the report, Bitcoin adoption has also had an impact on the price of the cryptocurrency. 0.36% of the total population in the world is currently using the Bitcoin network. Such a level of adoption is considered impressive because the network is only a decade old. A Blockware analyst, Mitch Askew said that it is possible that global adoption has increased and added that the low number was actually a bullish sign.
He said that if the true value of adoption is disclosed, it would result in massive gains for the bitcoin protocol. Even though such reports are being released and there is a lot of talk about crypto, it is a fact that the market is not doing well right now. As a matter of fact, Bitcoin itself has plummeted by more than 50% in this year alone and has found itself back at the same levels it was in December 2020.
This is after it reached a new all-time high of $69,000 and it has continued to record declines this year. The crypto market has also seen its total capitalization fall below $1 trillion.