Founder and CEO of on-chain data aggregator CryptoQuant has shared several key reasons why he expects that in six years, the initial vision that Satoshi Nakamoto had for Bitcoin is likely to finally come true.
“Bitcoin likely to become “currency” by 2030″
Ki Young Ju, the founder and chief executive officer at CryptoQuant, addressed the Bitcoin community to share his expectations regarding Bitcoin’s prospects as a currency (as opposed to a store-of-value). He believes that the flagship crypto is likely to be used as an actual currency in six years already and shared several big reasons for that.
First of all, Ju mentioned the staggering 378% increase of the Bitcoin mining difficulty over the last three years as a result of the intense competition in this space. He explained that while 50 Bitcoins could be easily mined in 2009, when Bitcoin launched, with just a single PC, these days individual miners have a great difficulty succeeding in this sphere. Mining is now largely dominated by large companies that are often backed by institutional investors.
#Bitcoin will likely be used as a “currency” around 2030.
Bitcoin’s mining difficulty, which reflects the intensity of competition, has consistently hit all-time highs, increasing by 378% over the past three years.
While 50 BTC could be mined with a single PC in 2009, it has… pic.twitter.com/lY8pRreZCl
— Ki Young Ju (@ki_young_ju) October 24, 2024
The second reason is that Bitcoin’s volatility is gradually reducing since the involvement of financial institutions is growing along with its appeal as an investment asset. Therefore, Bitcoin’s potential as a low-volatility currency will increase multiple times, Ju says.
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Satoshi’s vision of Bitcoin to come true
Ki Young Ju believes that the growing adoption of stablecoins is important for Bitcoin to become a “currency.” Hence, he mentions that companies, like Stripe, are beginning to enter the industry of stablecoin infrastructure.
However, the important date, according to Ju, is April 2028 – this is when the next Bitcoin halving will take place. When it happens, he believes, serious discussions will arise about Bitcoin’s potential to be used as a currency. The reasons for that, per him, will be the decreasing BTC volatility and BTC ecosystem’s further maturing.
Finally, he says, the big driver of “boosting Bitcoin’s likelihood of being used as a currency” will be the expanding familiarity with crypto wallets and the growing stablecoin adoption.
“As volatility decreases, Bitcoin’s role as a currency becomes increasingly inevitable,” Ju concluded. He reminded the community that Satoshi’s initial vision for Bitcoin was not a digital gold but “P2P Electronic Cash” and this vision may be realized by 2030.
