It is hard to believe that Bitcoin is only around a year old. The popular cryptocurrency, which has basically been the stepping stone of the market, has its genesis block originally created in 2009, meaning that it is not even 11 years old.
When will Bitcoin become mainstream, then? That is a very valid question, but the truth is that we simply cannot rush these things too much. The market needs to develop in order to grow, so basically, this is why it needs time.
If you compare Bitcoin to the internet, the truth is that we would be in 1994 if you used this Medium article as a basis. If you remember the internet back in 1994, you know that there is still a large road ahead of us.
However, we have some good news as well, not only bleak ones about how adoption is not yet quite at the stage that we would have wanted. Some experts are already affirming that 2024 will be the year in which Bitcoin will be able to reach mass adoption. We are only half a decade away from it.
Number of Bitcoin Users Will Explode In Five Years
It is certainly hard to measure Bitcoin by numbers. No one knows how many people are using it, but we all know that the numbers are not irrelevant and that they are not so big that we could consider it to be mainstream.
For instance, if we use information from the Bitcoin Market Journal, we can clearly see that there are 32 million BTC wallets in the world and that half of them are being used for speculation or long-term investments.
While not all of these wallets are being used, this is the number we have. By 2024, the estimates are that we will have 200 million wallets, an increase of 525%. Again, this does not mean that this number of wallets equals the number of users, but there will be millions of people investing in BTC.
This will change everything. Instead of only being used for either holding or speculation, people will start to considerably use BTC for other kinds of transactions as well and the token will finally be considered “real money” even by the haters.
Digital Currency Will Be Used To Pay For Meals in 2024
The result of this long process is that people will be using cryptos to pay for lunch and similar meals. The International Monetary Fund (IMF) has recently started a poll asking how people would pay for lunch in five years and the results were that almost six out of ten people would use crypto.
We would like to hear from you. ⬇
— IMF (@IMFNews) April 10, 2019
As one can see, 56% of the people in the survey affirmed that they would be using cryptos while 27% would use mobile phones, 9% would be using bank cards and only 8% would use actual cash. This shows that there is some truth behind the idea that people may decide to use crypto for everything.
Unfortunately, we all know the strength of crypto Twitter, so it is not completely unbelievable that there was a coordinated effort in order to inflate the results as well. In any case, if at least 20% of people used crypto to pay for meals, the revolution would have already happened by then.
Merchants Are Already Adapting
Right now, several online merchants are already accepting Bitcoin payments. A new Kaspersky study affirmed that the number of businesses accepting BTC around the world is 700% up since 2013. In 2013, only 1,789 merchants accepted the token while the total number of 13,346 merchants accepted it this year.
If this growth continues, the number of merchants could be over one million in 2024. Some people considered these figures to be even conservative and believe that more and more merchants will eventually accept BTC as time passes. We’ll have to wait and see the results.
When we consider that the number of bitcoin wallets might go to 200 million, we may have one million merchants and people will use Bitcoin for meals, what can we see? Mass adoption. It is still very early, but Bitcoin is basically all potential at the moment.
Bitcoin’s price is $10,669.89 BTC/USD exchange rate today. The real-time BTC market cap of $197.29 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $156.05 Billion and live coin value change of BTC -0.40 in the last 24 hours.