According to new data from Statista, only 7% of Americans had used Bitcoin (BTC) so far. This means that current BTC investors are still in the early stages of growth.

Dan Tabirou, co-founder of 10T Holdings, said Bitcoin is still in the “birth” of a new asset class. he wrote:

“It’s still too early for Bitcoin. It is still the hour of birth of a new global asset class.”

In the long term, Bitcoin has great growth potential in order to develop into a stable store of value like gold. In this case, investors expect the valuation to rise dramatically over the next decade.

The percentage of people who have previously used Bitcoin

Percentage of people who have previously used Bitcoin. Source: Statista

What does it take to introduce Bitcoin?
Currently, most of the demand for Bitcoin is coming from investors who consider BTC to be 2.0 gold. Investors believe that BTC will ultimately prove to be a safe asset.

As a result, institutional investors have massively accumulated Bitcoin in recent months. For example, MicroStrategy and Stone Ridge bought Bitcoin for $ 425 million and $ 110 million, respectively.

However, if retail demand for Bitcoin increases in key areas at the same time, it could lead to exponential growth in BTC.

Data from Statistica shows that only six countries have more than 10% of their population as Bitcoin users. The Statista Global Consumer Survey found that Nigeria, Vietnam and South Africa are the first countries in terms of Bitcoin users per capita.

Tabiro stressed that the survey does not include top-down countries that may have overlooked the major cryptocurrency markets. South Korea, for example, is not on the list, despite being one of the largest Bitcoin markets in the world. He said:

“It is a survey of selected countries. It is not a direct top-down survey. That means there are countries that belong on this list and are not listed.”

In the past few years, the Bitcoin exchange and exchange infrastructure has improved dramatically in the United States, Europe, and Asia. However, there are still many countries that still lack a reliable infrastructure for exchange.

For example, Canada lacks a strict exchange system for major local digital currencies that users can rely on alongside Coinbase.

Once the exchange and infrastructure are fully in place, it will be easier for retail investors to enter the market.

Without Exchange Traded Funds (ETFs) and Lead Bankers, users would still have to go through a relatively complex process to take advantage of exchanges. Some exchanges require a KYC or KYC verification process before users can initiate transfers to purchase Bitcoin.

Until the on-board retail investor infrastructure continues to improve, the general public will likely struggle to enter the cryptocurrency market.

Where is BTC going with mainstream adoption?
The long-term projections for Bitcoin vary widely between $ 20,000 and $ 1 million.

On October 16, Cointelegraph reported that wealth manager Raul Pal, founder of Real Vision Group, believes BTC is headed for $ 1 million.

At a price of $ 1 million, BTC’s fully diluted market cap would be around $ 21 trillion. That would be more than double the current value of gold in the market of $ 9 trillion.

Source: CoinTelegraph