Cryptocurrency adoption is moving faster and faster every single day. According to data provided by the cryptocurrency on-chain analyst Willy Woo, Bitcoin’s adoption is growing faster than the internet. At the moment, the number of estimated Bitcoin users is the same as the internet had in 1997. But how and why is Bitcoin growing faster than the internet?
Bitcoin Adoption Continues to Grow
The adoption of Bitcoin as a cryptocurrency continues to grow and expand. As mentioned before, BTC is moving faster than the internet, but why is that happening? One of the reasons behind this possible growth could be related to smartphone adoption.
Bitcoin is definitely linked to smartphones. We have seen how easy is to use Bitcoin to pay by phone bill casinos. Users are playing and paying with Bitcoin while they gamble online, they are paying for goods and services, and they are also using it as a store of value.
All these reasons could be very useful to understand why Bitcoin continues moving higher and reaching a larger number of users. As explained by Willy Woo, the data he used to calculate Bitcoin’s adoption is the most conservative estimation (meaning the lower bound estimate).
If Bitcoin’s growth continues to move as fast as now, it might be possible to reach 1 billion users: the same number that the internet had in 2005. Bitcoin is not only helping the entire cryptocurrency market to grow, but it is also financially helping many other industries.
Bitcoin’s price has also been helping to increase adoption. Indeed, the virtual currency has moved from $3,800 in March 2020 to over $64,000 in May 2021. The virtual currency is now starting to move higher again after falling to $30,000 per coin.
Other virtual currencies have also been expanding and following Bitcoin’s trend. For example, Ethereum (ETH) or Binance Coin (BNB) have been growing at very fast rates as well. But these two virtual currencies are just proxies of the whole ecosystem, which has been moving higher over the last year.
The main question is: how far Bitcoin’s price could go? Additionally, would this trend help Bitcoin grow faster than the internet? As far as we see, the entire market continues to evolve and reach new highs. It is just a matter of time to see whether Bitcoin is able to surpass $64,000 and grow faster than the internet as it has been doing until now.