Bitcoin hit an important milestone when, on September 11, 2021, BTC miners officially produced the 700,000th block.
The declines in Bitcoin’s price in recent days may be a sign that trust in the king of cryptocurrencies is falling among some investors. However, you need to look back on the BTC network to gain the prospect of long-term adoption.
Bitcoin beats the speed of the internet
It took Bitcoin less than two years to produce 100,000 blocks. The 600,000,000 unit was built in October 2019. At the time, Bitcoin was valued at less than $ 8,000. For less than 2 years, BTC has gained over 460% price increase. Its value increased almost 6 times.
Since then, BTC has faced challenges such as environmental concerns and numerous articles discouraging users from using this cryptocurrency (FUD).
BTC also reached milestones in the form of nationwide adoption after El Salvador became the first country to use bitcoin as legal tender, alongside the US dollar.
Speaking of adoption, analyst Willy Woo pointed out that Bitcoin is currently at the same stage as the internet in 1997.
Woo further pointed out that BTC would not reach 2010 internet status until 2028. To put this into perspective, it was then that Apple’s iPad was introduced to the world.
Earlier this year, Woo was also predicting that bitcoin adoption was progressing at a rapid pace, and that there could be a billion bitcoin users by 2025, and that would be similar to the billion-user internet reach in 2005.
It is worth noting that over time the number of BTC addresses, unique users of the network is constantly increasing. As adoption rates continue to rise, the number will only increase. But when it comes to Bitcoin and cryptocurrencies in general, there is a lot of talk in the market about risk as well.
Bitcoin, a long-term bet
When looking at the market size of macro assets such as bonds and stocks, it is quite obvious that Bitcoin has a smaller market share. Nevertheless, when looking at the same with the time period these asset classes exist, it can be seen that BTC is still in its infancy compared to traditional assets.
Moreover, the BTC adoption trend clearly shows that the coin could gain mainstream attention by 2025, which is why skepticism and FOMO do not count. In fact, the trajectory of the size of the market remains an asymmetric bet if one is investing in the long term.
By comparison, Apple has a market capitalization of $ 2.462 trillion, but stocks have been available since the early 1980s. It wasn’t until the end of 2000 that Apple’s share price boomed. Looking at Bitcoin, this asset has been in the market for a relatively short time and already has a market capitalization of around $ 865 billion.
For now, it’s not too late to jump on the Bitcoin train. In fact, if someone buys Bitcoin as a long-term investment, growth seems to be guaranteed.
17-09-2021, Mr Advice TEAM