NAIROBI (Coinchapter.com) – Bitcoin vs. Internet Adoption has been a topic of intense discussion as the pioneering cryptocurrency continues its remarkable growth trajectory. According to renowned Bitcoin analyst Willy Woo, the crypto industry is on track to reach a staggering 1 billion users by the end of 2025, an extrapolation based on multiple independent studies.
Bitcoin (BTC), has been making waves, with its adoption rate now surpassing that of the internet in 1997. As we delve into 2024, the crypto landscape continues to evolve, captivating both tech enthusiasts and mainstream audiences alike.
According to a recent report by Crypto.com, the number of global cryptocurrency owners has skyrocketed by an impressive 34% in 2023, reaching a staggering 580 million by December. This growth trajectory is nothing short of remarkable, especially when compared to the internet’s early days.
Bitcoin Rapidly Catching Up to Internet’s Adoption Curve
Bitcoin’s user base is expanding at a blistering pace, rapidly catching up to the internet’s adoption curve in the early days of the world wide web. New data reveals the number of Bitcoin owners swelled by a staggering 33% over the course of 2023 – from 222 million in January to 296 million by December.
This surge means Bitcoin now accounts for over half (51%) of all global cryptocurrency holders. At nearly 300 million users, when we look at Bitcoin vs. Internet Adoption, Bitcoin has achieved a similar adoption level to what the internet had way back in 1997 of around 120 million users.
Moreover, recent years have witnessed a phenomenal surge in Bitcoin ownership. Vivek, a prominent crypto enthusiast, proclaims, “#Bitcoin is growing faster than the internet. And we are just getting started.” Certainly, his bold statement highlights the rapid pace at which Bitcoin is gaining traction.
In a recent post, Woo shared a chart consolidating various studies, painting a compelling picture of Bitcoin’s potential to reach a billion users within the next two years. This milestone underscores the widespread adoption and mainstream acceptance of cryptocurrencies. Bitcoin in particular has often been likened to the internet in its transformative potential.
“On track for 1 BILLION crypto users by the end of 2025. An extrapolation of many independent prior studies in this chart. Binance estimates that 65% of crypto users hold Bitcoin.”
Woo wrote on X
Bitcoin ETFs and Ordinals Protocol Fuel Adoption
Above all, the development of Bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol drove Bitcoin’s adoption growth in 2023. The Ordinals protocol enabled the minting of non-fungible tokens (NFTs) and fungible tokens directly on the Bitcoin network. This opened up new avenues for creativity and investment.
Ordinals arrived on the scene and revolutionized the game. They enabled the creation of over 54 million inscriptions as NFTs on the Bitcoin blockchain. This innovative use case sparked a surge in Bitcoin fees, totaling over $257 million paid in 2023. Furthermore, it paved the way for the new BRC-20 token standard, which attracted users looking for cutting-edge possibilities.
Certainly, Ethereum (ETH) also saw remarkable adoption growth. The number of owners increased by 39% – from 89 million in January 2023 to 124 million by December. The liquid staking trend propelled the surge, gaining traction with Ethereum’s Shanghai Upgrade. The upgrade enabled the withdrawal of staked ETH following the transition to the Proof-of-Stake (PoS) blockchain.
The post Bitcoin vs. Internet Adoption: Where Does BTC Stand? appeared first on CoinChapter.
