Although Bitcoin has already existed for more than a decade and has grown into one of the largest investment assets by market value, the new data reaffirms the narrative that Bitcoin is still in an early stage of its adoption.
Bitcoin appeared only 12 years ago, but its expansion and adoption increased significantly during this short period compared to the Internet.
Bitcoin is faster than the internet:
The vast global network that connects computers around the world, known as the Internet, is among the most prominent and valuable inventions of the twentieth century.
Although most people started using it during the 21st century, it was invented in the 1960s.
It is difficult, if not impossible, to imagine a world without an internet connection today.
But the start of the Internet was a difficult and slow start, as it took about three decades before the number of users rose to about 120 million users.
Recent data compiled by popular crypto analyst Willie Wu shows that this roughly represents the current user base for Bitcoin.
Willie Wu quoted data from Cambridge Center for Alternative Finance and Glassnode and gave an estimate that there are 135 million Bitcoin users today.
By comparing Bitcoin to the Internet, we find that it took 12 years for the number of users to reach 120 million.
While the Internet took 30 years to reach 120 million users.
Wu concluded that the adoption of Bitcoin is still early indeed, as Bitcoin is growing faster.
He predicted that if Bitcoin stays on this path, it will reach its first billion users in 2025.
Interestingly, the internet did so in 2005 nearly four decades after its inception, while Bitcoin could do so in less than two decades if Wu’s prediction came true.
Bitcoin is still in an early position:
Although the user base, network activity and currency price has multiplied many times since the creation of Bitcoin, the main narrative is that Bitcoin is still in its early time.
In terms of value, Bitcoin’s market value of over $ 600 billion still lags behind the world’s most valuable companies.
But Bitcoin seeks to gain a foothold in the future and compete with gold, M2 financial stocks, or institutional-level global real estate.
Taylor Winklevoss, co-founder of Gemini, said last year that the Bitcoin game is still in the first half of the match.
However, this role could soon end as many institutional investors have recently had a presence in the bitcoin arena and are starting to take their share of the BTC pie.
Even “Elon Musk”, who had previously been skeptical of Bitcoin, expressed his regret for not buying bitcoin years ago, and predicted that prominent representatives of the traditional financial space are about to adopt the first-ever digital currency.