Bitcoin could be used as a currency by 2030, says CryptoQuant CEO

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Cryptopolitan2024/10/24 14:09

By:By Vignesh Karunanidhi

Share link:In this post: Bitcoin could move from an investment asset to a regular currency by 2030. Mining difficulty has increased by 378% in three years. Institutional dominance has contributed to reducing market volatility.

Ki Young Ju, CEO of CryptoQuant, has predicted that Bitcoin could transition from a speculative investment to a standard currency by 2030.

Ju cited increasing institutional involvement and declining volatility as key factors. According to him, this change would align with Satoshi Nakamoto’s original vision of BTC as “P2P Electronic Cash.”

Bitcoin mining difficulty surges by 378%

As stated by CryptoQuant CEO , mining difficulty has surged 378% over the past three years. The data shows that this metric has consistently reached new all-time highs.

This new scenario is very different from 2009 when individuals could mine 50 BTC using a single personal computer.

According to Ki Young Ju, today’s mining industry is dominated by large companies backed by institutional investors. Their involvement has made it increasingly difficult for individual miners to participate.

He also suggests that this institutional dominance, while raising entry barriers, is actually beneficial for Bitcoin’s future as a currency. This could reduce market volatility and stabilize its value.

See also Minneapolis Fed researchers label Bitcoin a threat, suggest heavy taxation or banning

BTC will become a currency by 2030

The CryptoQuant CEO outlines several factors that could facilitate Bitcoin’s transition to a currency. He points to the 2028 halving event as a potential catalyst. He also suggested that the currency’s decreasing volatility will spark serious discussions about its use as a currency.

The growing involvement of major fintech companies in the cryptocurrency space, especially in stablecoin infrastructure, could speed up this transition.

Ki Young Ju specifically mentions Stripe’s entry into the stablecoin sector. He predicts that with proper regulations in place, major fintech players could drive mass stablecoin adoption within three years.

This widespread adoption of stablecoins and increased familiarity with blockchain wallets could cut the grass for Bitcoin’s use as a currency.

According to the CEO, the change might be achieved through various technical means, including protocol improvements, layer 2 networks, or wrapped Bitcoin solutions.

Ki Young Ju stressed that this transition would fulfill Satoshi’s original vision of Bitcoin as electronic cash rather than digital gold.

“Satoshi aimed for Bitcoin to be “P2P Electronic Cash,” not digital gold. His vision may be realized by 2030 through the maturation of Bitcoin’s ecosystem and the reduction of its volatility,” Ki Young Ju stated.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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