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

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

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

Over the long term, Bitcoin has a lot of upside potential to become a well-established store of value like gold. In this case, investors expect the valuation to rise significantly over the next decade.

What is required for mass adoption of bitcoin?
At the moment, most of the demand for bitcoin comes from investors who view BTC as Gold 2.0. Investors believe that BTC will establish itself as a safe haven over time.

As such, institutional investors have boosted BTC a lot in recent months. MicroStrategy and Stone Ridge, for example, bought bitcoin for $ 425 and $ 110 million, respectively.

However, if retail demand for bitcoins grows over large territories, it could lead to significant growth in BTC.

Statistica data show that in only six countries, more than 10% of the population uses bitcoin. According to Statista, a global consumer survey, the top countries for individual Bitcoin users are Nigeria, Vietnam and South Africa.

Tabiro stressed that the survey did not include top-down countries that may have missed major cryptocurrency markets. South Korea, for example, is absent from the list despite being one of the major bitcoin markets in the world. He said:

“This is an overview of selected countries. This is not a simple top-down analysis. IE is a country that is on this private list. ”

In recent years, bitcoin exchanges and fiat currency infrastructure have improved significantly in the United States, Europe, and Asia. However, many countries still lack reliable infrastructure for exchange.

Canada, for example, lacks a large, highly regulated internal cryptocurrency exchange that users can rely on outside of Coinbase.

When the stock exchange and stock infrastructure is fully established, it will be easier for retail investors to enter the market.

Without exchange-traded funds (ETFs) and large bank managers, users would still have to go through the relatively complex process of using exchanges. Some exchanges require a comprehensive verification process to know their customer or KYC before users can initiate bank transfers to buy bitcoins.

As such, until there are further improvements to investor infrastructure on board, it is likely that large segments of the population will struggle to enter the cryptocurrency market.

Where will BTC go with conventional adoption?
Long-term predictions for bitcoins vary greatly – from $ 20,000 to $ 1 million.

On October 16, Cointelegraph reported that Asset Manager Raul Pal, founder of Real Vision Group, believed BTC was approaching $ 1 million.

At $ 1 million, BTC’s fully watered-down market cap will be around $ 21 trillion. This is more than double the current market value of $ 9 trillion for gold.

Source: CoinTelegraph