- Bitcoin’s mining difficulty has surged 378% in three years, signaling the growing competition among institutional-backed miners.
- As institutional involvement grows, Bitcoin’s volatility decreases, boosting its potential to become a low-volatility currency by 2030.
- The 2028 Bitcoin halving is expected to drive discussions on its use as currency, with stablecoin adoption playing a key role.
Bitcoin might shift from being only a value holder to becoming a regular currency, by 2030 according to Ki Young Ju, who leads and founded CryptoQuant. Ju gave several reasons why this change could happen in the coming six years, noting the main points in Bitcoin’s growth and the crypto space.
Increased Mining Competition Highlights Bitcoin’s Maturation
Ju pointed to the astonishing surge in Bitcoin mining difficulty as one of the big contributors. Mining difficulty has surged 378% over three years, reflective of the keen competition amongst miners. In 2009, when Bitcoin launched, mining 50 Bitcoins required only a single PC. However, today, mining activities are dominated by huge corporations supported by institutional investors, and this has made it far more challenging for ordinary individuals to take part in mining. This, Ju believes, reflects “the continued maturation of Bitcoin as a technology”.
Reduced Volatility to Boost Bitcoin’s Potential as a Currency
Besides, Ju mentioned the shrinking volatility of Bitcoin as one more critical reason that could make it a currency. The more financial institutions involved in the process with Bitcoin, the better it will be an attractive investment asset, hence a more stable price. This means greater chances, in turn, for Bitcoin to become a means of a low-volatility currency. Ju thinks these changes will be important in positioning Bitcoin as an everyday currency by 2030.
Ju emphasized that, in the future, the adoption of stablecoins will be vital for the future of Bitcoin as a form of currency. Companies like Stripe are exploring the stablecoin infrastructure to create a gateway to broader cryptocurrency usage. This stablecoin adoption will be helpful in the way of Bitcoin being thought of as a legitimate currency.
2028 Bitcoin Halving: A Turning Point
He predicted that the second turning point would be the future Bitcoin halving in April 2028. The event will further cut supply and spur widespread debates over the role of Bitcoin within the monetary ecosystem. With reduced Bitcoin volatility, the matured ecosystem will provide greater assurance of Bitcoin being used for day-to-day transactions.
The post CryptoQuant CEO Predicts Bitcoin to Become Currency Within Six Years appeared first on Crypto News Land.
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