There is a high probability that bitcoin’s global adoption will grow significantly in the future and will hit 10% by 2030, according to a report by Blockware Solutions, a blockchain infrastructure and bitcoin mining company.
The report estimates that about 0.36% of the global population is currently using the bitcoin network.
According to the report, prior technological adoption curves show us that adoption occurs first slowly and then rapidly. “Bitcoin is a disruptive technology network that is quantifiably still in its early stages of adoption,” it said.
Blockware Solutions believes that bitcoin adoption will reach saturation quicker than many of the technologies such as internet, smartphones, social media automobiles, landline, electric power, cellular phone, radio, and tablet.
Blockware used average and weighted averages of the past technology adoption curves in order to forecast future adoption of bitcoin.
The key reasons behind faster adoption of bitcoin include, direct monetary incentives to adopt, macro environment end game, and rails of adoption growth being the internet; and the most efficient state of informational spread on the internet ever.
“In all technology disruptions the pace of adoption appears slow at first because a new product has minimal market penetration until it hits an inflection point and accelerates through an exponential growth phase,” Blockware Solutions said in the report.
The report also highlighted that adoption of the internet and adoption of other technologies before the internet occurred on analog rails. The internet, which exponentially increases the speed of the spread of information, is the main tool in which the word about bitcoin is spread.
“Bitcoin is unique from past technology due to the direct monetary incentive of being an early consumer. Of course, for entrepreneurs there were direct and indirect monetary incentives to adopting new technologies,” the report said.
“From a consumer perspective, past technologies had convenience/efficiency related incentives to adopt them: adopting automobiles allowed you to zoom past the horse and buggy, adopting the cell phone allowed you to make calls without being tied to a landline, adopting the internet allowed you to expand the reach of your business far beyond what any analog marketing was capable of etc,” it added.
