Bitcoin is the flagship crypto asset and has been getting quite a lot of recognition and success with time. It is not only popular among individual crypto investors but also among institutional investors and major companies around the world.
Bitcoin has also been embraced as a legal tender by El Salvador, which paved the way for it to be noticed by other countries around the world. Even though adopting Bitcoin comes with challenges, it does not seem to lose its significance.
According to a new report by Blockwave Intelligence, BTC adoption may occur more quickly than that of other technologies such as electric power, smartphones, automobiles and more.
However, the price of the crypto king is currently struggling to pass the $30k price mark. Many crypto enthusiasts have been left to wonder if the increased adoption of Bitcoin can also impact its price in a bullish way.
Anyone interested in buying the flagship digital asset should take their time and look at the Bitcoin price prediction first. This can help them get a good idea regarding when they should invest.
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Is Bitcoin Adoption Likely to Increase?
According to a new report, the adoption of Bitcoin on a global scale is likely to hit 10% by 2030. The report was shared by Blockwave Intelligence, which is the research wing of Blockware Solutions.
The research arm concluded this by analyzing the adoption curve of nine disruptive technologies from the past.
These technologies include:
- Electric power
- The growth rate of BTC adoption since 2009
- Social media
- The internet
The report also stated:
“All disruptive technologies follow a similar exponential S-curve pattern, but […] newer network-based technologies continue to be adopted much faster than the market expects.”
As per the research unit, Bitcoin is anticipated to be adopted faster than other technologies due to:
- Adoption growth boosted by the internet
- Current macro-environment
- Direct monetary incentives
If the consumer perspective is taken under consideration, previous technologies were adopted by the masses based on the convenience or efficiency they offered. For example, mobile phones enabled people to make calls anywhere around the world without being bound by landlines and automobiles offered a more convenient way to commute.
“With Bitcoin direct financially incentivized adoption creates a game theory in which everyone’s best response is to adopt Bitcoin.”
The authors of the Blockwave Intelligence report also specified that the result of the report is simply to give an idea about the adoption of BTC on a global scale and cannot be used as a short-term trading tool or financial advice.
According to the experts, there is a high chance that BTC adoption will surge globally, which is also anticipated to give a boost to the price.
The crypto king is currently trading at $30,100 (at the time of writing). The effect of the global adoption of Bitcoin on its price can only be seen with time.
In the meantime, if you are a new investor then you need to learn how to buy Bitcoin before you dive into the crypto space.
Useful Tips for New Crypto Investors
Bitcoin is only one of several digital currencies available in the market. There is also no shortage of cryptocurrency exchanges in the market. Since there are numerous options, it can be difficult for a new crypto investor to determine which exchange to use and which digital asset to invest in.
Therefore, there are a few important tips every beginner should know and consider following. Some of the tips are mentioned below.
- Opt for the best exchange for Bitcoin that suits your needs and prioritizes your security.
- Monitor the price movement of BTC or whichever digital asset you want to buy.
- Know the right time to invest.
- Start with a small amount.
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