- Bitcoin’s mining difficulty has surged 378% in three years, dominated by large companies.
- Stablecoin growth and regulation could drive Bitcoin’s adoption as a currency by 2030.
- Bitcoin’s volatility is expected to drop after the 2028 halving, boosting its use as cash.
CryptoQuant CEO Ki Young Ju predicts that Bitcoin will be used as a currency by 2030. He believes this will happen as Bitcoin’s volatility decreases and its ecosystem matures.
Ki Young Ju highlights that Bitcoin mining has become more competitive. Mining difficulty has increased by 378% in the past three years. In 2009, a single PC could mine 50 BTC. Today, large companies with institutional backing dominate mining due to high entry barriers, pushing smaller miners out.
Institutional Investment May Reduce Volatility
Ju notes that as institutions invest in Bitcoin, its price fluctuations will likely decrease, helping it transition from an investment instrument to a medium of exchange. When the next halving occurs in 2028, discussions about Bitcoin as a currency could increase. Ju thinks this will be the beginning of a debate on using Bitcoin as a low-volatility currency.
Stablecoin adoption will likely play a crucial role in this transition. Companies like Stripe are moving into stablecoin infrastructure. As stablecoins grow, they will increase familiarity with blockchain wallets, pushing Bitcoin closer to its original vision as “peer-to-peer electronic cash.”
Ju emphasizes that Bitcoin’s decreasing volatility will make it more practical for everyday use. With further development in its ecosystem, Bitcoin may become more stable and widely accepted as a currency. This includes improvements in protocols, Layer 2 networks, or wrapped Bitcoin. These advancements will likely reduce the challenges of using Bitcoin in everyday transactions.
Read also: ECB Economists Link Bitcoin’s Rise To Societal Financial Woes
The CryptoQuant CEO’s predictions align with Bitcoin’s long-term goal. Satoshi Nakamoto initially envisioned Bitcoin as digital cash, not a store of value. Ju’s projection suggests this vision could be realized by 2030, with Bitcoin’s use as a currency becoming more common, supported by institutional players and growing public adoption.
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Source: https://coinedition.com/bitcoin-will-be-used-as-currency-by-2030-predicts-cryptoquant-ceo/