Ki Young Ju, CEO of CryptoQuant, has predicted that Bitcoin could transition from a speculative investment to a standard currency by 2030.
Ju cited increasing institutional involvement and declining volatility as key factors. According to him, this change would align with Satoshi Nakamoto’s original vision of BTC as “P2P Electronic Cash.”
Bitcoin mining difficulty surges by 378%
As stated by CryptoQuant CEO, mining difficulty has surged 378% over the past three years. The data shows that this metric has consistently reached new all-time highs.
This new scenario is very different from 2009 when individuals could mine 50 BTC using a single personal computer.
#Bitcoin will likely be used as a “currency” around 2030.
Bitcoin’s mining difficulty, which reflects the intensity of competition, has consistently hit all-time highs, increasing by 378% over the past three years.
While 50 BTC could be mined with a single PC in 2009, it has… pic.twitter.com/lY8pRreZCl
— Ki Young Ju (@ki_young_ju) October 24, 2024
According to Ki Young Ju, today’s mining industry is dominated by large companies backed by institutional investors. Their involvement has made it increasingly difficult for individual miners to participate.
He also suggests that this institutional dominance, while raising entry barriers, is actually beneficial for Bitcoin’s future as a currency. This could reduce market volatility and stabilize its value.
BTC will become a currency by 2030
The CryptoQuant CEO outlines several factors that could facilitate Bitcoin’s transition to a currency. He points to the 2028 halving event as a potential catalyst. He also suggested that the currency’s decreasing volatility will spark serious discussions about its use as a currency.
The growing involvement of major fintech companies in the cryptocurrency space, especially in stablecoin infrastructure, could speed up this transition.
Ki Young Ju specifically mentions Stripe’s entry into the stablecoin sector. He predicts that with proper regulations in place, major fintech players could drive mass stablecoin adoption within three years.
This widespread adoption of stablecoins and increased familiarity with blockchain wallets could cut the grass for Bitcoin’s use as a currency.
According to the CEO, the change might be achieved through various technical means, including protocol improvements, layer 2 networks, or wrapped Bitcoin solutions.
Ki Young Ju stressed that this transition would fulfill Satoshi’s original vision of Bitcoin as electronic cash rather than digital gold.
Source: https://www.cryptopolitan.com/bitcoin-could-be-used-as-a-currency-by-2030/