Bitcoin Goes Back To The Future For Mainstream Adoption

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The signs of bitcoin adoption are everywhere. Whether it’s Morgan Stanley getting more shares from Grayscale Bitcoin Trust, Amazon hiring a blockchain and digital currency expert, or PayPal expanding its crypto footprint in the UK, it’s clear that bitcoin is about to become a household name.

Nonetheless, if you ask a market analyst, this is still the very first innings in the asset class. Channel analyst Willy Woo in a tweet illustrated projections of bitcoin users around the world expressed in Internet years.

Here are the projected global Bitcoin users expressed in Internet years:

Internet 1997 = Bitcoin 2021 Internet 2005 = Bitcoin 2025 Internet 2010 = Bitcoin 2028

This is how the internet has changed pic.twitter.com/CzrE83JVMJ

Willy Woo (@woonomic) August 26, 2021

Bitcoin and the Internet

According to Woos’ analysis, bitcoin is currently where the Internet was in 1997, when the World Wide Web was more easily accessible and used by businesses and households.

It will be nearly four years before bitcoin reaches the post-dot-com bubble stage around 2005. For context, this was the year Pandora Internet Radio was launched and Google introduced a page of short-term personalized welcome, iGoogle.

Bitcoin won’t reach 2010 Internet status until the year 2028, according to Woo, which is akin to when the Kindle was selling like hotcakes on Amazon.com. In terms of devices, 2010 was also the year of Apple’s iPad launch.

Woo also pointed out in February that the rate of bitcoin adoption at the time rivaled that of the internet in 1997. He added, however, that bitcoin adoption was advancing at a faster rate, predicting that there would be 1 billion bitcoin users by 2025, which again it compared to 2005 for the web.

Data: Unique BTC exchange users: @CambridgeAltFinBTC Unique channel users: @glassnode BTC deduplication via survey: @woonomic BTC growth sanity-check: Google Trends Internet users: @worldbankdata

Note: The current number of BTC users is the estimate of the lower limit (most conservative).

Willy Woo (@woonomic) February 1, 2021

Bitcoin Supercycle

As the bitcoin market matures, the stars are starting to align with what Krakens Dan Held describes as a Bitcoin Supercycle. According to LocalBitcoins, a bitcoin supercycle is one in which the main cryptocurrency creates a virtual marketing loop in which several themes are apparent.

Held explains which parts are in place. For example, consumers lose confidence in existing institutions. In the face of rising inflation, Bitcoin is increasingly seen as a store of value around the world. And the industry’s infrastructure is improving, making it easier for people to buy bitcoin, which, in turn, could accelerate wide-scale adoption.

I’m not saying it’s very likely to happen, but all the pieces are there for it to happen.

Loss of trust with existing institutions Bitcoin is globally recognized as a SoVGreat content that orange pills faster than ever has never been easier to buy Bitcoin

Dan Held (@danheld) August 26, 2021

The price of bitcoin is not too far from the $ 50,000 level. Market leaders are optimistic about the direction the price will take by the end of the year.

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