Global Bitcoin adoption to reach 10% in 8 years
Blockware Intelligence predicts that BTC adoption will follow an S-curve pattern, just like disruptive technologies of the past.
Although Bitcoin has recently fallen to its lowest price of the year, a new report offers a bullish outlook for the crypto’s long-term outlook. According to Blockware Intelligence, BTC could reach 10% adoption globally as early as 2030.
In its Bitcoin User Adoption Report released last week, Blockware Intelligence predicted that BTC adoption will follow an S-curve pattern like the disruptive technology of the past. These include technologies such as automobiles, electricity, smartphones, the Internet, and social media.
“Society’s adoption of disruptive technologies has never been a linear process – it has always followed an exponential S-curve pattern,” wrote Blockware Intelligence. “Bitcoin is a disruptive technology network that is quantifiably still in the early stages of adoption.”
According to the report, Bitcon’s adoption rate is likely to pick up after its early adoption phase. “After the early adoption phase, the technology has reached its fastest rate of adoption; taking the exponential point of the ‘S’ curve,” Blockware wrote. “This is where the technology started to gain traction and become known to most of the world’s technologists.”
Unlike older disruptive technologies, however, new web-based technologies are being adopted faster than the market expects. This network effect has been observed in the adoption of the Internet, smartphones and social media. This could also happen with Bitcoin adoption.
“Much of the value of these technologies comes from the fact that they have network effects,” the company added. “For example, if you were the only user on Twitter, would it have any value? It wouldn’t. More users make these technologies more valuable. Also, all monetary commodities, including bitcoin, exist on the network effect. Therefore, it makes sense to predict Bitcoin adoption, with more emphasis on technologies similar to it in this regard.”
Bitcoin adoption is expected to reach saturation faster than previous technologies. The report cites several reasons for this expectation, including “the immediate monetary incentives for adoption, the end of the macro environment and the trajectory of adoption growth is the Internet; and the most efficient state of information dissemination on the Internet.”
Blockware Intelligence plans to update the Bitcoin adoption model with new data every six months. “Just as there are risks to owning BTC (through volatility), there are risks to not owning BTC during this period of accelerated adoption,” the report concluded.
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