Since its creation in 2009, Bitcoin has been growing substantially. As of June 2020, there were more than 50 million wallets under Bitcoin. This immense growth makes Bitcoin the largest cryptocurrency in the crypto market.
Everyone who owns Bitcoin agrees to the immense growth, with most investors wishing that they started purchasing Bitcoins earlier.
We cannot say that everyone has accepted and understands Bitcoin in 2021; however, one thing is sure that millions of people are directly dealing with Bitcoin. A large percentage intends to get involved in the future. Different surveys have agreed that the numbers behind Bitcoin are largely growing, and in no time, Bitcoin’s global adoption will finally happen.
Bitcoin Mass Adoption in Relation to the Internet
The internet has been around longer than Bitcoin, and it has millions of users. However, Bitcoin, the pioneer cryptocurrency, is growing faster than the internet.
Today, Bitcoin has the same number of users the internet had in 1997. In the next four years or so, Bitcoin might have 1 billion users, equivalent to Internet users in 2005. The number of new addresses joining Bitcoin every day shows that it will reach mass adoption sooner than expected.
Another sure indicator of the exponential growth of Bitcoin is the number of active users. The BTC network is becoming busier by day, which is a growth sign.
Bitcoin Value Growth
Bitcoin is not only growing in numbers but, most importantly, in value. Investors who understand its potential wish that they started their purchases earlier. However, it has not been smooth for Bitcoin, especially after the Bull Run in 2017.
Governments, influential people, and financial institutions worldwide raised a lot of criticism against Bitcoin during that period. As if that was not enough, it was dubbed as the 21st financial bubble after the freefall in 2019.
However, over the years, Bitcoin has risen above the critics and recorded a high close to $50,000. With thousands of companies embracing Bitcoin, big names in the industry believe that it will hit $100,000 by the end of 2021.
Bitcoin Adoption by Public-Traded Companies
The increase in value of Bitcoin has been related to massive adoption by institutions. Some prominent companies that have adopted bitcoin include Microstrategy which owns more than 1 billion Bitcoin assets, Square, Hut8 Mining, and Voyager digital.
Also, Tesla recently announced that they have invested $1.5 billion in Bitcoin. In addition, customers can now pay for their electric cars with Bitcoins. The adoption of Bitcoin by business institutions is set to continue, especially if the prices continue to rise in 2021.
Bitcoin Is Threatening the Global Financial System
Being a decentralized currency, Bitcoin is not under regulations like the government-issued currencies. The immense growth of Bitcoin is a threat to the traditional financial system. As more people purchase Bitcoins, there will be a shift to digital currency.
What’s more, there is less inflation with Bitcoin, and halving events take place after four years to keep inflation in check. If Bitcoin becomes globally adopted, the government and financial institutions will have less control over the money supply.