Bitcoin (BTC), which has been hailed as the best performing asset of the decade, has recently had a major influx of interest, especially within the Blockchain space, the underlying technology behind BTC.
Brian Estes, found of investment firm Off The Chain Capital, has predicted that it will take 10 years for Bitcoin to reach 90% adoption.
“I think in 2029, 2030, when 90% of US households and people in the Unites States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy and not just the US economy, but I think the world economy.”
Estes has based his rationale on the analysis of the S-curve. The S-curve is a common graphical image, which represents the speed and process of new technology adoption.
“The amount of time it takes for a new technology to go from 0% adoption to 10% adoption is the same amount of time it takes to go from 10% adoption to 90% adoption.” – Estes
If we take a look back to 2019, only 10% of US citizens held crypto assets of some sort. In 2009, when Bitcoin was first launched to the global public, it was sitting at 0% adoption.
“Between 0% and 10% adoption, its an ‘if’. Once a new technology hits 10% adoption, it’s a ‘when’. It’s the same amount of time, and I can give you plenty of examples – from personal computers, to internet, to fax machines in the 1970’s, to washing machines in the 1940s, to automobiles in the 1930s, railroads in the 1800s, shipping in the 1600s – its all the same adoption curve.”
Blockchain Interest To Grow Drastically in 2021
Blockchain the underlying technology behind BTC is growing massive interest globally among governments.
Already, Australia has introduced Blockchain to track the food and wine industry, along with the dairy industry.
Leemon Baird, from Hedera Hashgraph, who also holds a doctorate in computer science explained in a recent interview,
“The world as a whole looks at this industry as Blockchain or DLT and says, ‘wow, there’s really something there.’” Continuing on to say, “This year I saw a rapid increase in interest through the world. And I think next ear we will see an even bigger increase.”
“I think that were already seeing this year the start of that, that people are seriously considering this something real and it is for the long time they’ve been considering it on the sidelines. But now people are starting to get into it for real, as you’ve said, and people are starting to invest in it. I mean, big, big organisations, people are starting to actually use it in the companies.”
Don’t get BTC FOMO
If you haven’t yet entered into the crypto world, the earlier along the adoption line the better.
Based on the above S-curve graph, we can only safely assume that as Bitcoin gains more hype and adoption rises, so too will the price of BTC, especially due to it’s unique 21 million only supply.
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