Bitcoin (BTC), Cryptocurrency, News, Signals

Analysis: Nearly 2% of the World Owns Bitcoin (BTC)

With each passing day, more and more new investors are getting exposure to Bitcoin (BTC) the world’s largest digital currency in terms of market capitalization. Particularly this year, the flagship cryptocurrency saw a huge flow of investors throwing their investments into it. Various financial firms from across the whole world also revealed their interest in the top-ranked cryptocurrency throughout this year. The entrance of the business intelligence firm MicroStrategy and Twitter CEO Jack Dorsey’s Square was remarkable.

However, still there are many people in the world who have not yet gained exposure to Bitcoin. A new analysis carried out by the famous on-chain analyst Willy Woo shows that only 1.7 percent of the world’s entire population own Bitcoin or have exposure to it. This estimate shows that there are only 120 million individuals who have been able to get exposure to the dominant digital currency.

While sharing his on-chain analysis in a tweet on the 6th of December, he said:

“My best estimate is 1.7% of the world population has exposure to Bitcoin. 1.3% is the lower bound. At 1.7% Bitcoin hasn’t even started on this adoption s-curve. It’s about to etch a path, at current growth, it will be one of the fastest climbs in history yet.”

This means that Bitcoin has not fully succeeded in achieving mainstream adoption. According to some cryptocurrency analysts, it may take up to ten years for Bitcoin to achieve full mainstream adoption. However, it signifies a great achievement on the part of Bitcoin to have nearly two percent of the world holding it.

Furthermore, Willy Woo said that if the major cryptocurrency succeeds in gaining widespread adoption it will have a greater impact on the price growth of the coin which will move exponentially then. In another analysis, he has also described a bullish case scenario for the world’s most popular cryptocurrency. While giving a price prediction for Bitcoin, he said that the flagship digital currency will reach the price level of $200k or $300k by the end of the next year.

As he said:

“My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.”

At the moment, Bitcoin is trying to break its upcoming heavy resistance which lies at $20,000. Bitcoin will only be able to reach $200,000 once this major resistance is broken. At the press time, Bitcoin’s price value is standing at around $19,300 with a price increase of 0.93% in the last 24 hours.

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