CryptoQuant’s CEO, Ki Young Ju, has forecasted that Bitcoin (BTC) could evolve into a global currency by 2030.
In a post on X on Thursday (24/10/2024), Young Ju highlighted several key factors supporting this view, notably the surging difficulty in Bitcoin mining, which reflects the intense competition among miners and has continually reached new highs.
Back in 2009, individual miners could easily earn 50 BTC using personal computers. However, over the past three years, Bitcoin mining difficulty has skyrocketed by 378%, driven by institutional investments dominating large-scale mining operations. Young Ju believes that this surge has positive effects, making Bitcoin increasingly stable. The strong institutional presence is expected to help reduce volatility within the crypto ecosystem.
While this shift may be less attractive for daily Bitcoin traders, it enhances Bitcoin’s potential as a practical currency for everyday transactions.
“With more institutional involvement, entry barriers are rising, reducing Bitcoin’s volatility and its appeal purely as an investment asset,” wrote Young Ju.
Bitcoin Halving 2028 Will Significantly Impact Bitcoin
As Bitcoin’s ecosystem matures, Young Ju emphasizes that the next halving event in April 2028 will be a pivotal moment for the evolution of this digital asset. He stated that this event will push Bitcoin into a new phase of greater price stability and reduced volatility, opening the door for Bitcoin’s potential role as a currency.
“Around April 2028, when the next halving occurs, Bitcoin’s potential as a ‘currency’ will start to be seriously discussed, given its reduced volatility and the ecosystem’s maturity,” he commented.
Bitcoin’s transformation is also influenced by fintech companies like Stripe, which recently began investing in stablecoin infrastructure. Young Ju suggests that stablecoin regulations now being adopted across various countries will drive mass stablecoin adoption in the next three years, supporting overall crypto ecosystem stability.
Other factors considered crucial for Bitcoin’s currency potential include increasing stablecoin adoption and on-chain wallet usage. This goal can be advanced by strengthening the Bitcoin ecosystem through protocol improvements, advancements in Bitcoin’s layer-2 networks like Lightning Network, and Wrapped BTC integration, which enables Bitcoin compatibility with other ecosystems.
“Satoshi designed Bitcoin as ‘P2P Electronic Cash,’ not just digital gold. This vision may finally be realized by 2030, as Bitcoin’s ecosystem matures and volatility decreases,” concluded Young Ju.
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