With Bitcoin performing so well in the crypto market in the past few weeks, it is safe to say that investors are presently overjoyed at their decision to buy the crypto when they did. Bitcoin has performed considerably well this year as it has hit its all-time high price, even though it is coming after the leading cryptocurrency witnessed a massive decline in March.
Another fact is that with the massive headline that the digital asset has grabbed over the years due to its price surge, there is still a handful that has not bought the crypto asset. According to a new report submitted by a prominent on-chain analyst, the total number of people holding Bitcoin across the globe is less than 2%.
Bitcoin adoption is about to take a new turn
Willy Woo, a seasoned bitcoin analyst that studies on-chain characteristics of digital assets, has revealed that the number of people that hold the premier asset is not up to 2%. In his analysis, Willy Woo mentioned that the current figure stands at 1.7%, which means that around 120 million people across the globe have had access, bought, and have Bitcoin locked in their wallets. “In my latest estimate, I have discovered that about 1.7% of the global population are the ones that have been exposed to Bitcoin.
The lowest one can think of might be 1.3%, but even at that, Bitcoin cannot boast that adoption on its s-curve has started if its adoption rate across the world is 1.7%,” Woo said. Furthermore, Willy Woo has mentioned that Bitcoin adoption is about to take a new dimension because it is still growing as he backs it to be one of the fastest climbs in the crypto market history. In his explanation, Willy Woo mentions that Bitcoin will be overtaken by the bulls, which would see its price move to insane heights when proper adoption begins.
More institutional investors are expected to join the Bitcoin market
Citing his examples, Willy Woo mentioned things like the rate at which the paradigm shift of other technologies is growing. He mentions that if Bitcoin doesn’t relent in its growth and pace, it would eventually upset other technologies to become one of the fastest-growing technology in history.
In his latest analysis of the projected price of the digital assets by the end of next year, Willy Woo has made a case for $200,000 or $300,000. As time goes by, most people in the crypto market will expect more people to join in, raising the percentage of holders of the leading digital asset. Also, big-time investors and millionaires worldwide are expected to pull funds into Bitcoin in the next couple of years.
With the rate at which institutional players have been pulling funds into the market, one can argue that they have started to see reality and accept the digital asset. According to analyst and historian Niall Ferguson, the pandemic has seen most people run to Bitcoin, a market which he considers as quasi gold.
According to records, not one month goes by without a big financial player adopting digital assets. This shows that even the top guys are now taking the crypto seriously, causing institutional adoption to soar.
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