Woo believes that that will only happen if the current rate of adoption continues. Based on the percentage Woo predicts, more than 2 billion people will have BTC in 2024.
The analyst specializing in Bitcoin metrics, Willy Woo, estimates that 30% of the world’s population could have Bitcoin (BTC) within four years. According to his calculations, that will happen if the current rate of increase in the cryptocurrency’s adoption continues.
His estimates indicate that Bitcoin adoption has doubled every year at a rate of 2.2x. In a post on his Twitter account, Woo stated that this is what has happened in the last 10 years.
Woo compared this data to “Moore’s Law”, which stipulates a biannual doubling of the computational capabilities of much of the technological advances in recent decades. This law on the growth of technological capabilities has been achieved to date.
The United Nations (UN) estimates that there will be more than 8 billion people in the world by 2024. In other words, Woo’s calculations suggest that 2.4 billion would have BTC by then.
Besides, the analyst compares the adoption curve of Bitcoin to those of the Internet, mobile telephony, and PayPal’s digital payment system. In all those cases, the adoption of those products has occurred at a much slower rate than that of Bitcoin. That is particularly true for direct transactions on the blockchain.
Concerning the rate of adoption of exchanges, it has been lower. However, it also has a steeper growth slope than the rest of the products that Willy Woo mentioned in his analysis.
Banks and Institutions Give Greater Visibility to Bitcoin
In addition to the bullish rise in the price of Bitcoin in recent months, the arrival of large investments from new institutional players seems to be driving the adoption of Bitcoin. That is what some people in the Bitcoin environment have reported.
Reputable platforms that have started paying more attention to Bitcoin and other cryptocurrencies are joining the new investors. Among the former is precisely PayPal, one of the payment systems that Woo compared.
After having held a position against the pioneering cryptocurrency, PayPal announced the incorporation of Bitcoin and other digital assets into its payments service. That could give greater exposure to Bitcoin to more than 300 million people worldwide.
PayPal CEO, Dan Schulman, said that the arrival of Bitcoin on his platform will accelerate its adoption as a means of payment. In addition to the millions of users that PayPal has, more than 28 million businesses currently accept it.
Willy Woo has recently been very optimistic about the future of Bitcoin. At the end of 2019, the analyst already predicted that the price of the foremost cryptocurrency in the market would reach new all-time highs this year.
Woo most recently stated that an even higher increase could drive the price of BTC above USD 200,000 by the year 2021.
By Alexander Salazar
