So far now since the establishment of Bitcoin, the world’s first-ever decentralized digital currency has succeeded to garner worldwide adoption. However, according to the founder of the investment firm ‘Off The Chain Capital’, it has not yet reached its full level of adoption. Brian Estes thinks that it will take almost ten years for Bitcoin to reach 90 percent adoption.
Bitcoin took 10 years to gain 10 percent adoption
Brian Estes has shared his S-curve analysis upon which his prediction is based on. The S-curve analysis chart shows that the current top-ranked digital currency has taken ten years since its year of development to reach ten percent adoption. If Bitcoin adoption follows the S-curve analysis line, it should be able to hit 90 percent adoption by the end of this decade.
According to Estes, new technology will take the exact amount of time for reaching 90% adoption that it usually takes for gaining an initial ten percent of its adoption. Based on this view, he said that Bitcoin should take ten years to claim 90% adoption as it gained its initial 10% adoption in the last ten years.
He said:
“I think in 2029, 2030, when 90% of U.S. households and people in the United States use cryptocurrency and Bitcoin, then I think it becomes a stable part of the economy, and not just the U.S. economy, but I think the world economy.”
Currently, as per the S-curve analysis chart, the adoption percentage of Bitcoin (BTC) is standing at 15 percent. The line is expected to grow up steadily.
Source: Off The Chain Capital
This shows that Bitcoin is currently being used by approximately 15 percent of the United States population. The consultancy firm Cornerstone Advisors also supported this fact in its latest data report.
Bitcoin is already on its way to achieving mainstream adoption as various big industry players have stepped into Bitcoin over recent times including MicroStrategy, Square, and PayPal. Moreover, the recent announcement of Singapore’s largest bank DBS to launch a new digital asset exchange could also be a key driver for the adoption of Bitcoin.