Bitcoin Price
On-Chain Analyst Estimates That Around 1.7% of the World Owns Bitcoin
Nick Chong | Dec 07, 2020 | 01:09
While Bitcoin is up massively over the past few years, there are still many in the world that does not own the cryptocurrency. Estimates compiled by a leading on-chain analyst indicate that less than 2% of the world has exposure to Bitcoin in some capacity.
Nearly 2% of the World Holds Bitcoin: Analysis
According to Willy Woo, a leading Bitcoin on-chain analyst, less than 2% of the world has exposure to Bitcoin right now. He specifically mentions the 1.7% figure, which suggests that 120 million individuals have exposure to the leading cryptocurrency:
“My best estimate is 1.7% of the world population has exposure to Bitcoin. 1.3% is the lower bound. At 1.7% Bitcoin hasn’t even started on this adoption s-curve. It’s about to etch a path, at current growth, it will be one of the fastest climbs in history yet.”
At 1.7% Bitcoin hasn't even started on this adoption s-curve. It's about to etch a path, at current growth, it will be one of the fastest climbs in history yet. pic.twitter.com/XZ5lb9bB1M
— Willy Woo (@woonomic) December 6, 2020
As he explains, this simple fact shows that there will be exponential growth in the price of the cryptocurrency if Bitcoin gains widespread adoption. Woo specifically cites the growth rates of other paradigm-shifting technologies like the Internet and cell phones. If BTC continues growing at its current pace, he explains, it will be a technology with “one of the fastest climbs in history.”
Woo explained in a recent analysis that he thinks Bitcoin will hit $200,000 or even $300,000 by the end of next year:
“My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question. The current market on average paid $7456 for their coins. You all are geniuses.”
Chart of BTC's macro price action with a price model analysis by crypto trader Willy Woo (@woonomic on Twitter). Source: BTCUSD from TradingView.com
Growth On Its Way
Many expect the percentage of the world that owns Bitcoin to rapidly rise in this market cycle.
Millionaires alone are expected to allocate capital to this space en-masse in the coming years. Niall Ferguson, a financial historian at the Hoover Institution at Standford University, says that institutional players and millionaires have begun to accept Bitcoin:
“The acceptance of Bitcoin as a digital asset, a quasi-digital gold, has been accelerated by this pandemic. Almost every month, some major figure in the mainstream investment world has said, “OK, now I’ll take BTC seriously.” This process of institutional adoption has further to run.”
Further, Blockchain Capital found in a commissioned survey that nearly half of all Americans think that Bitcoin will be widely used in the coming five to ten years. Further, nearly a third think that they want to purchase the leading cryptocurrency in the next five years.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
