Bitcoin will surpass gold: BTC global usage is equivalent to the Internet in 1995

According to foreign media reports, the proportion of the world's population using Bitcoin is equivalent to the level of Internet usage in 1995. Data shows that although the entire cryptocurrency market is in its infancy, its growth rate is relatively fast.

Dan Held, a Bitcoin analyst who oversees growth at cryptocurrency exchange Kraken, said:

In 1995, the percentage of the world using the Internet was 0.5%, and by 2020, the global Internet usage has reached 60%. In comparison, the percentage of global Bitcoin usage in 2020 was 0.5%. When 60% of people are using Bitcoin, what do you think the price of Bitcoin will be?

Blockchain data shows that the number of independent addresses in the Bitcoin blockchain network is around 687,000.

The number of unique addresses on the Bitcoin blockchain network

Bitcoin user activity has seen a significant increase compared to levels after the cryptocurrency plummeted from its record highs in 2018.

Bitcoin’s long-term potential

Bitcoin is developing into a recognized store of value and potential inflation hedge.

Many investment firms, public companies, and well-known billionaire investors hold Bitcoin as a safe-haven asset. Most notably, MicroStrategy recently purchased $425 million worth of Bitcoin as the company's main treasury asset.

Currently, the market value of Bitcoin remains at around $200 billion. In contrast, as the most important safe-haven asset, the valuation of gold is still above $9 trillion.

The likelihood of Bitcoin’s long-term success as a store of value increases with its viability.

In June 2020, JPMorgan strategists led by Nikolaos Panigirtzoglou said Bitcoin’s strong rebound from its March crash showed that its price gains had staying power.

From March to August, in a five-month period, the price of Bitcoin rebounded from $3,596 to over $12,500. Analysts at JPMorgan wrote:

This suggests there is little evidence of a run on Bitcoin, and even substantial stratification between cryptocurrencies, even during the March crisis.

Over time, the Bitcoin blockchain network will become more resilient and the perception of Bitcoin as a store of value will strengthen.

Winklevoss Twins Say Bitcoin Will Overtake Gold

Considering that Bitcoin is still in its early stages of development, just like the Internet in the 1990s, the Winklevoss brothers believe that Bitcoin will eventually compete with gold.

Bitcoin investor and billionaire Tyler Winklevoss explained:

Nonetheless, we believe Bitcoin will continue to cannibalize gold, and this story will play out dramatically over the next decade. The rate of technology adoption will increase exponentially. Software is eating the world, and gold is on the menu.

In the short term, improvements to the infrastructure supporting Bitcoin are critical. Especially for institutional investors, more liquidity, trading platforms, custody services, and investment tools are necessary to lower the barrier to entry.

In the long run, stronger infrastructure will help Bitcoin transform from an emerging asset to a safe asset in the eyes of retail and institutional investors.

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