Bitcoin and the rest of the cryptocurrency market have had one major mission: mass adoption based on use cases. One of the biggest threats to Bitcoin’s acceptance has been unfiltered regulatory opinions but over the past couple of months, that perspective has been slowly but surely changing.
A new study done on the number of Bitcoin wallets in the crypto space has shed light on the digital asset market’s influence in day to day life. According to Deutsche Bank forecasts, blockchain wallets are following almost the same trajectory when it first came into existence. Extrapolated figures even show that by 2030, the number of Bitcoin wallets would rise to a whopping 200 million. Currently, there around 50 million wallets in existence, which is similar to internet adoption rates on the graph.
The marked rise in the number of wallets has been thanks to price changes as well as the push given by proponents and maximalists who have bet on Bitcoin’s far-reaching functionalities. The figures given showed that in the first 8 years of the internet’s inception, it had amassed over 500 million users. This includes individual users, corporates as well as government organizations. An extrapolation of the graph showed that by 2035, the number of Bitcoin wallets could hit a count of 350 million. At the same time, the number of users on the internet would have skyrocketed to 3 billion.
Cryptocurrencies have also benefitted from the tractions that the internet provides to the industry. Other than functioning as a foundation for all crypto transactions, the internet has also been a channel to generate buzz around digital assets. Latest research claimed that Bitcoin’s price surges and falls had a direct correlation to its ‘trending’ status on Google. Jeroen Van Lange, founder and analyst for YouTube channel The Blockchain Today had stated:
“On the 24th and 25th of September Bitcoin dipped from 10080 to 8126. On those exact dates we are seeing a spike in volume on Google trends. The same counts for 25th and 26th of October, huge volatility increases search volume.”
After the recent bear attack that caused Bitcoin to fall below the $7000 mark, the world’s largest cryptocurrency bounced back to currently hold at $7254.78. The market cap had fallen to $131.475 million which was a far cry from the $150 billion + range is held at the start of this year. A 0.59 percent price fall in the 24-hour spectrum had caused the market volume to dip to $20.642 billion.