By 2030, the bitcoin acceptance rate will reach 10%
Recent forecasts suggest that the bitcoin acceptance rate will reach 10% in the next eight years. Bitcoin, like the Internet and social media, benefits from networking. Networking effect on bitcoin means that the more bitcoin is accepted, the greater the value and motivation of new people to use it.
To Report Coin Telegraph, Bitcoin technology can be globalized and accepted by people faster than the evolving technologies of the past, such as cars and electricity.
A report released by Blockware Intelligence yesterday examines nine evolving technologies, including automotive, electricity, smartphones, the Internet and social media, and their adoption patterns since 2009.
Acceptance of all transformational technologies follows an “S” curved pattern such as exponential; But new network-based technologies are gaining traction much faster than the market expects.
Based on a measure called the cumulative Sum of Net Entities Growth and the projected annual bitcoin growth rate (CAGR) of 60%, global acceptance of bitcoin is projected to exceed 10% by 2030.
It should be noted that regardless of the method of calculation, the company publishing this report is a bitcoin mining company and building Chinese blockchain infrastructure, so it may be optimistic about accepting bitcoin.
According to the report, the acceptance of bitcoin saturates faster than many other evolving technologies. One of the reasons for this is that users have financial incentives to accept this technology, and the macro environment is also ready for this acceptance. The existence of the Internet can also be considered as another factor in accepting bitcoin faster.
The report states that:
From a consumer perspective, past technologies brought better convenience or efficiency. Using a car provides more speed than horses and carriages. Using a mobile phone also eliminates the need for you to make calls from a landline.
However, using bitcoin, as it also provides financial benefits, according to game theory, would be the best answer for all walks of life.
Like the Internet, smartphones, and social media, Bitcoin also benefits from networking. To understand the effect of networking, think that if you were the only Twitter user, would you still use it? It is certain that the growth of the number of users will make the use of these technologies more valuable and accelerate their acceptance.
However, the report emphasizes that the model used to predict bitcoin acceptance rates is still conceptual at this stage and should not be used for investment advice or as a trading tool.
However, the report also states about the Bitcoin price forecast:
The general trend is clear. Global acceptance of bitcoin is likely to grow significantly in the future, and as a result, the price of this digital currency will also increase.
The acceptance rate of digital currencies has grown significantly in recent years. Last year, the digital currency acceptance rate, with 300 million users worldwide, averaged 3.9 percent, according to TripleA, the global digital currency payment gateway.
Also, according to the data of the Chinese blockchain data platform, Chainanalysis, from July 2020 (July 1399) to June 2021 (June 1400), the global acceptance rate of bitcoin increased by 881%. Of the 154 countries surveyed, Vietnam has the highest acceptance rate for digital currencies, followed by India and Pakistan.
Also read: Three-quarters of US retailers will adopt digital currencies within the next two years
The Gemini Digital Currency Exchange Survey in April found that acceptance of digital currencies has risen sharply in the past year in countries such as India, Brazil and Hong Kong, due to the fact that more than Half of the respondents in these countries stated that they had joined the Digital Currency Investors Jirga that same year.