Blockware Solutions – a blockchain infrastructure and Bitcoin mining firm – has released a report analyzing the pace of Bitcoin’s adoption, and what to expect going forwards. The firm’s analysis calls for a minimum of 1 billion Bitcoin users, with a predicted 10% of the world using the network by 2030.
The Mathematics of the Bitcoin Adoption Curve
According to a company press release on Thursday, the report applies the “S-curve” to plot future Bitcoin adoption — a theory that divides the adoption path of new technologies into five time stages.
These stages are defined by the order of adoption among different types of people. These groups, in order, are the Innovators, Early Adopters, Early Majority, Late Majority, and Laggards. Most growth theoretically takes place during the Early Majority and Late Majority stages.
A February Wells Fargo report postulated that cryptocurrency adoption follows a similar pattern. He claimed that the current adoption stage of crypto mimics that of the internet in the 1990s, stating that it is approaching “hyper-adoption.”
Very Early, Very Bullish
Perhaps more bullishly, Blockware’s report predicts that Bitcoin will be adopted faster than such past technologies. The team expects 10% of the globe to be onboard the network within just 8 years.
Blockware Senior Information Analyst Will Clemente broke down his team’s predictions in an interview with Anthony Pompliano on Thursday.
“Where we think Bitcoin adoption is, I think we’re getting ready to hit that main S-curve of adoption,” he said. Furthermore, as the network is growing “on the rails of the internet” and comes with baked-in monetary incentives, its “network effects” are expected to be exceptional.
The report also claims that user adoption directly influences the price of Bitcoin in a positive way. Currently, the number of active users of the Bitcoin network is estimated to be around 0.36% of the world’s population.
Blockware analyst Mitch Askew said he “expected global adoption to be higher,” but finds the lower than expected figure “incredibly bullish.
“You have this network effect that keeps progressing and growing exponentially…and then at some point you’re going to have some type of event that releases that valve,” Clemente said.
