Network effects, analgous to a snowball effect, essentially means more Bitcoin adoption. The higher its value becomes, encouraging further users, and so on and so on.
We’re seeing this phenomenon acutely in Bitcoin. With a new report from Blockware Intelligence forecasting that the cryptocurrency will see global adoption of 10% by 2030.
The report states: “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.”
It said that based on a metric called Cumulative Sum of Net Entities Growth and Bitcoin’s predicted “CAGR of 60% we forecast that global Bitcoin adoption will break past 10% in the year 2030.”
So why is Bitcoin adoption much quicker than other historically disruptive technologies – even more so than automobiles and electricity?
The answer is three-fold: There’s a financial incentive, the current macro-environment and the catalysing effect of the internet to disseminate information and prompt quicker adoption.
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The report goes on to explain: “From a consumer perspective, past technologies had convenience/efficiency-related incentives to adopt them: adopting automobiles allowed you to zoom past the horse and buggy, adopting the cell phone allowed you to make calls without being tied to a landline.”
Cryptocurrency adoption has been growing rapidly over the last few years. In 2021, global crypto ownership rates reached an average of 3.9%, with over 300 million crypto users worldwide. According to data from TripleA, a global cryptocurrency payment gateway.
Blockchain data platform Chainanalysis last year revealed that global adoption of bitcoin and cryptocurrency surged 881% from July 2020 to June 2021. It found Vietnam to have the highest cryptocurrency adoption, leading 154 countries analyzed, followed by India and Pakistan.
However with current market conditions. It would seem that for the time being energy consumption for mining is on the back burner for retail concerns.
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