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Bitcoin (BTC) could finally realize its potential as a global currency by 2030, according to a recent post by Ki Young Ju, CEO of CryptoQuant. Ki’s analysis highlights the rapid evolution of the Bitcoin ecosystem, particularly in mining and institutional involvement. Satoshi Nakamoto, the mysterious creator of Bitcoin, once envisioned it as a decentralized, peer-to-peer (P2P) electronic cash system. CryptoQuant Founder Envisions Bitcoin As A Future Currency In the post on X (formerly Twitter), Ki hinted at a future where Bitcoin may be widely used as a low-volatility currency, not just a speculative investment asset. The vision is based on how Bitcoin mining has drastically changed since its inception in 2009. Back then, individual miners could easily mine 50 BTC with a single personal computer. Today, the playing field is entirely different. Bitcoin’s mining difficulty, which measures the complexity of mining new blocks, has surged by a staggering 378% in just the past three years. This reflects the increased competition within the industry, with the growth making it nearly impossible for individual miners to participate profitably. Bitcoin Mining Difficulty, Source: CryptoQuant Instead, large-scale mining companies backed by institutional investors now dominate the industry. This shift toward institutional control has had far-reaching consequences for Bitcoin’s future. As institutional investors take the reins, entry barriers to mining rise, and Bitcoin’s ecosystem grows more stable. Read More: How To Buy Bitcoin (BTC) and Everything You Need To Know Against this backdrop, Ki Young Ju suggests that stabilization could reduce Bitcoin’s infamous price volatility. Instead, it could make it less appealing to day traders but more attractive as a practical currency. The CryptoQuant executive points to one key event – Bitcoin halving. This event occurs approximately every four years when the reward for mining Bitcoin transactions is cut in half. After the 2024 Bitcoin halving,…

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Filed under: News - @ October 24, 2024 11:23 am