Bitcoin May Eclipse 1 Billion Users Over Next 4 Years Says Willy Woo

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In Brief
  • Analyst Willy Woo thinks Bitcoin will be adopted at the same or higher rate than the Internet.

  • According to current adoption rates, Woo says Bitcoin will reach one billion users in the next four years.

  • Woo says this level of growth would put Bitcoin at the same technological level as the internet in 2005.

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The last twelve months have been monumental for Bitcoin, solidifying the asset as a global store of value for investors of all classes.



However, according to one analyst, this is just the beginning. Renowned on-chain analyst Willy Woo states that crypto is still only at the beginning of mass adoption when comparing Bitcoin’s adoption rate to the internet.

Will Bitcoin and Blockchain Become the Internet of Finance?

Charted out on an adoption curve, Woo paints a picture of what to expect from Bitcoin in the years to come. At current levels, crypto adoption is the same as where the internet was in 1997.

This was a time before Google, Amazon, and pervasive smartphone usage that gave everyone a personal computer in their pocket. Based on Woo’s findings, Bitcoin’s user base is growing even faster than the Internet’s. At that rate, this would bring Bitcoin to one billion users in the next four years. Something Woo equivocates to global internet usage in 2005.

Breaking Down the Numbers

Woo appears confident of Bitcoin’s (BTC) future adoption rate. Additionally, he thinks the network is much more equitable than the data leads people to believe.

He states that almost 40% of BTC owners are ‘small’ holders, which points to a fairer distribution compared with fiat currencies. He also points out that this trend will likely continue.

The data shows that small holders are growing strongly as well as ‘whales’ (institutions). The uptick from both sides of the financial spectrum suggests broadening adoption rates.

The Ultimate Store of Value

Satoshi Nakomoto created bitcoin to be a decentralized store and transfer of value. But it seems the former is taking the lead. Although bitcoin should work as cash, current investors view it more as gold.

As a store of value, the Bitcoin narrative is already propelling it to new heights, gaining adoptions from all walks of life. Even if bitcoin doesn’t become the ultimate digital currency, it provides an opportunity to hedge against government-controlled fiat inflation.

Bitcoin’s network effects continue to grow. Like Internet adoption before it, as the network grows, it should continue to attract more users at an even higher rate.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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