The role of Bitcoin is changing in terms of utility and CryptoQuant founder predicts its use as a reserve currency is imminent by 2030
CryptoQuant’s Founder, Ki Young Ju, recently predicted that Bitcoin (BTC) could shift from digital gold to a real-world currency by 2030. This bold forecast challenges Bitcoin’s current role as a volatile store of value, traditionally labeled for its limited supply. However, the crypto landscape is shaping a new future for Bitcoin as it evolves towards broader utility and stability.
The Rise of Bitcoin Mining
Ki Young Ju stated that since Bitcoin came onto the scene in 2009, its mining landscape has dramatically changed. He noted that in the early days, a simple home computer could mine 50 Bitcoin with ease.Â
#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
But in today’s era, mining has become much more competitive, with large companies backed by institutional investors dominating the scene. The difficulty of mining has skyrocketed, increasing by 378% in the last three years.
He noted that shifting from small miners to big institutions has changed the game. As mining became harder for individuals, Bitcoin’s volatility has started to calm down. With large companies controlling much of Bitcoin’s production, the extreme price swings of the past might fade away.
The next big moment the CryptoQuant founder discussed hinges on the Bitcoin halving event in April 2028. Historically, this event reduces mining rewards and could further stabilize Bitcoin’s price. By then, Bitcoin might be seen as a low-volatility asset, and talks of using it as a real currency could gain momentum.
Satoshi’s Dream Coming True?
Ki Young Ju mentioned that major fintech companies, like Stripe, are driving mainstream adoption of stablecoins. With regulatory support, these companies are making stablecoins more accessible. This could eventually pave the way for Bitcoin’s use as a currency.
Also, blockchain wallets are becoming easier to use, and there is a decrease in Bitcoin’s volatility. This factor increases the potential for Bitcoin to serve as a peer-to-peer currency. Notably, Satoshi Nakamoto, the creator of the Bitcoin pseudonym, originally envisioned this.Â
By 2030, Bitcoin could evolve from a speculative asset to a widely accepted currency, potentially fulfilling its original revolutionary purpose, as Ki Young Ju reiterated.
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