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

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Bitcoin (BTC) adoption could be more rapid than the adoption of previous disruptive technologies such as automobiles and electric power, with the global potential to reach 10% by 2030, according to a new report.

In its June 8 report, Blockware Intelligence stated that it estimates the growth rate of bitcoin adoption since 2009, as well as the historical adoption curve for nine previous disruptive technologies, including automobiles, electric power, smartphones, the Internet and social media. After examining this forecast has been reached. ,

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“All disruptive technologies follow a similar exponential S-curve pattern, but […] New network-based technologies continue to be adopted more rapidly than the market expects.”

Using historical technology adoption averages and weighted averages as well as the growth rate of bitcoin adoption, the report was able to arrive at its prediction.

It said that based on the cumulative sum of Net Entities Growth and a metric called Bitcoin’s prediction of “60% CAGR”, we estimate that global bitcoin adoption will exceed 10% in the year 2030.

Blockware Intelligence is the research arm of Blockware Solutions, a bitcoin mining and blockchain infrastructure company, so you can expect it to be bullish on adoption.

The intelligence unit said it expects bitcoin adoption to reach saturation faster than many other disruptive technologies, given the current macro-environment of adoption given a direct monetary incentive, and because of the growth of adoption by the Internet. will accelerate.

“From a consumer perspective, there were incentives related to convenience/efficiency for adopting them in previous technologies: the adoption of automobiles would let you zoom a horse and buggy, the adoption of cell phones would allow you to make calls without being tied to a landline, “The report explains.

“Incentivizing financial adoption directly with bitcoin creates a game theory in which everyone has the best response to bitcoin adoption.”

Like bitcoin, the internet, smartphones, and social media benefit more people adopting the technology, which is known as the “network effect”.

“In this case would it have any value if you were the only user on Twitter? it does not. More users make these technologies more valuable.”

related: 75% of retailers eye crypto payments within 24 months: Deloitte

However, the authors of the Blockware report stressed that the model used to predict adoption rates was only conceptual at this stage, adding that it is neither meant to be used as investment advice nor as investment advice. Is a short term trading tool and will continue to be refined. Although:

“The general trend is clear; There is a high probability that the global adoption of bitcoin will increase significantly in the future, and so will its price.”

The report and model were reviewed by a number of crypto investors and analysts, including executives from Arch Invest, Arcane Assets, AMDX Asset Management and M31 Capital.

The adoption of cryptocurrencies has increased rapidly in the last few years. In 2021, the global crypto ownership rate reached an average of 3.9%, with over 300 million crypto users worldwide, according to data from global cryptocurrency payment gateway TripleA.

Last year blockchain data platform Chainalysis revealed that global adoption of bitcoin and cryptocurrencies increased by 881% from July 2020 to June 2021. It found Vietnam to have the highest cryptocurrency adoption, with 154 countries analysed, followed by India and Pakistan.

In April, a survey conducted by cryptocurrency exchange Gemini found that crypto adoption in countries such as India, Brazil and Hong Kong skyrocketed in 2021, as more than half of its respondents in 20 countries said they would invest in crypto in 2021. started investing.