The current bitcoin adoption rate has been overcoming the internet’s user growth. Recent projections predict that the world’s Most worthy cryptocurrency will achieve a billion users within the next four years. With about 130 million users, bitcoin is now at the same inflexion point where the net was in 1997. And bitcoin’s mass adoption rate hints that the most significant digital coin will hit the one billion user mark nearly twice faster than the web did.
As highlighted within the chart above, the web took 7.5 years to travel from 130 million to a billion users. And bitcoin is projected to attain that milestone within the next four years.
Do These Projections Tally with Actual Activities?
Many indicators suggest that the momentum of crypto adoption is accelerating at the next pace than previously predicted over the past twelve months. Institutions, corporations, governments, and individuals are participating in crypto infrastructure.
• Institutional Investors have gotten More Bullish:
Institutional investors flocked to crypto markets last year. In fact, about 87% of bitcoin investments came from institutional investors, in keeping with the world’s largest digital currency asset manager, Grayscale.
• Corporations are getting a significant Player in Bitcoin:
The world’s largest corporations have started accumulating bitcoin on their record as a hedge against currency devaluation. As an example, Elon Musk’s electric automobile maker Tesla early this year disclosed a $1.5 billion stake in bitcoin. Jack Dorsey’s fintech firm Square has also bought billions of dollars of bitcoin within the past two years. Its March quarter sales quite tripled and significantly topped analysts’ estimates amid skyrocketing bitcoin purchases through the company’s Cash App. Its revenue from bitcoin sales jumped to $3.51 billion in Q1, up from $306 million a year earlier.
• Growing Retail Investments Are Revving Up Bitcoin’s Adoption Rate:
Retail investors’ interest in bitcoin surged during the prior quarter this year, keeping with a report by JPMorgan strategist Nikolaos Panigirtzoglou. Retail investors bought quite 187,000 bitcoins in Q1 compared to 172,684 buys from institutional investors.