Bitcoin, like social media and the internet, benefits from the “network effects” where growing adoption is expected to spur higher value and incentives for additional take-up, according to Blockware Intelligence.
Bitcoin Reach to Be Faster than Most Disruptive Technologies in the Past
The adoption of Bitcoin (BTC) could occur faster than the adoption of past disruptive technologies, such as electric power and automobiles. The global take-up is likely to reach 10% by 2030, a new report from Blockware Intelligence indicated.
In its report released on Wednesday, Blockware Intelligence said the conclusion was arrived at after evaluating historical curves for the last nine most disruptive technologies, including smartphones, electric power, automobiles, the internet, and social media. The rate also factored in the adoption of Bitcoin since its debut in 2009.
“All disruptive technologies follow a similar exponential S-curve pattern, but […] newer network-based technologies continue to be adopted much faster than the market expects,” read a part of the report.
The report further indicated that using the Cumulative Sum Net Entities Growth metric plus Bitcoin’s predicted CAGR of 60%, analysts at Blockware Intelligence forecasted the BTC global adoption will surpass 10% by 2030.
Blockware Intelligence is the research unit of Blockware Solutions, a company that deals with Bitcoin mining and BTC infrastructure. The intelligence unit also anticipates that adoption might hit saturation point faster than most disruptive technologies because of the growing list of monetary incentives and the current macro-environment.
Crypto Ownership in 2021 Shot Reached 3.9%
“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:
The report and model were evaluated by a number of analysts and crypto investors, including AMDAX Asset Management, Arcane Assets, and Ark Invest.
Over the last few years, crypto adoption has been on an uptrend. In 2021, crypto ownership reached 3.9%, about 300 million users globally, according to TripleA, a crypto payment gateway.
Blockchain data from Chainanalysis for 2021 indicated that global adoption of Bitcoin and other cryptos surged by 881% between July 2020 and June 2022. It established that Vietnam had the highest crypto adoption, with India and Pakistan following closely.
In April, a survey released by Gemini established that crypto adoption shot up in 2021 in jurisdictions such as Hong Kong, Brazil, and India. In the poll, over 50% of those polled indicated they started investing in cryptos in 2021.
