With Tesla buying 1.5b worth of Bitcoin and accepting Bitcoin for Tesla cars, I think it’s important to review where we are roughly at along the route to mass adoption and how this impacts the current value as well as where we are in the halving cycle.
Bitcoin is being bought up by more and more major institutions. Paypal, WealthSimple, Robinhood, and more fiat based financial institutions have begun to offer cryptocurrency trading and Visa has recently announced they intend to allow you to trade Bitcoin. It’s easy to see what will happen to the value as more and more major companies begin to buy Bitcoin. I don’t recommend using these fiat-based services though as anything that doesn’t let you withdraw is not decentralized.
Apple just recently announced Bitcoin payments through BitPay on their Apple Pay application. This is the beginning of their testing for what I presume will end up with them investing in it. https://cryptobriefing.com/apple-pay-taps-bitpay-adds-bitcoin-payments/
*Disclaimer: This is not financial advice and is purely for entertainment purposes. All my stock information is 100% accurate, but my crypto data may or may not be simulated*
Based on the 25 million addresses who owned Bitcoin in 2018, we can guess that the adoption rate of Bitcoin was somewhere around 0.3% using the 7.8 billion figure for the world population today. It has increased its rate of adoption by roughly 2.2x per year following Moore’s law of growth for the past 10 years. If this continues to multiply by 2.2x every year, then based on our previous assumptions, we should be at around 1.45% now. By the end of this year, we will be at 3.194%, then 7.02% in 2022, 15.46% in 2023, and 34% by the end of 2024. Willy Woo predicted we could hit 30% of adoption by 2025 based on this premise which I think is reasonable. Looking at the growth from 0.3% to over 30%, we can assume that Bitcoin will do 100x from that point in time. Whether or not we hit 300k this year isn’t important, what’s important is the adoption rate of cryptocurrency and the network effect produced by that.
Based on all of this, I am aggressively investing in Bitcoin and Ethereum and likely selling at the end of the year and then buying back in after a large crash. I will not sell everything however as the rate at which crypto is growing may outweigh the impact of future halving events.
Do you own Bitcoin? Do you intend to buy Bitcoin? What are your thoughts on Tesla investing in and accepting Bitcoin? What are your price predictions for Bitcoin? Let me know what you think about this in the comments below and don’t forget to subscribe!
This is a LBRY first video meaning it shows up on LBRY before it gets published anywhere else. If you’re not on LBRY, sign up and get started here: https://lbry.tv/$/invite/@ScottCBusiness:4
Check this video out on LBRY to support me with monetization and no ads: https://lbry.tv/@ScottCBusiness:4/bitcoin-adoption:8