Analyst Willy Woo believes Bitcoin will be adopted at the same rate as the internet, if not higher.
Based on current adoption rates, Woo claims Bitcoin will reach one billion users over the next four years.
Woo says this level of growth would put Bitcoin at the same technological level as the internet in 2005.
The past twelve months have been eventful for Bitcoin , solidifying the asset as a global store of value for investors of all classes.
However, according to one analyst, this is only the beginning. Renowned blockchain analyst Willy Woo says cryptocurrencies and the price of Bitcoin are still only at the start of mass adoption when comparing Bitcoin’s adoption rate to the internet.
Will Bitcoin and Blockchain Become the Internet of Finance?
Plotted on an adoption curve, Woo paints a picture of what to expect for Bitcoin in the years to come. At current levels, the adoption of cryptocurrencies is the same as that of the Internet in 1997.
It was a time before Google, Amazon and the widespread use of smartphones that gave everyone a personal computer in their pocket. Based on Woo’s findings, Bitcoin’s user base is growing even faster than that of the internet. At this rate, that would bring Bitcoin to one billion users over the next four years. Something that equates to global internet usage in 2005, according to the expert.
Bitcoin price: the numbers
Woo seems confident about the future adoption rate of Bitcoin (BTC). Plus, he thinks the network is a lot fairer than the data suggests.
He states that nearly 40% of BTC owners are “small” holders, indicating a more equitable distribution compared to fiat currencies. He also points out that this trend is likely to continue.
Data shows that smallholders are experiencing strong growth as well as heavy goods vehicles (institutions). Rising on both sides of the financial spectrum suggests broadening adoption rates.
The ultimate store of value
Satoshi Nakomoto created bitcoin to be a decentralized store of value and a transfer of value. However, it seems that the first function is taking the lead. Bitcoin should work like silver, but current investors view it more like gold.
As a store of value, Bitcoin’s journey is already propelling it to new heights, gaining adoptions from all walks of life. While bitcoin is not becoming the ultimate digital currency, it does offer an opportunity to hedge against government-controlled fiat inflation.
Bitcoin’s network effects continue to grow. Like the Internet adoption before BTC, as the network grows, the asset is expected to continue to attract more users at an even higher rate.