CryptoQuant CEO: Bitcoin May Become Currency in 2030
28 Oct, 2024 ● Crypto people
Bitcoin mining difficulty has soared by 378% over the past three years, driven by a surge in institutional investments in large-scale mining operations.
This growth has resulted in record levels of mining competition, making entry for individual miners increasingly challenging. Still, CryptoQuant CEO Ki Young Ju views this as a potentially positive development for Bitcoin.
Ju predicts that rising mining difficulty might signal Bitcoin’s path toward becoming a stable currency by 2030.
He suggests that as institutional influence continues to grow, it could help reduce volatility in the cryptocurrency market.
Historically, Bitcoin and the broader crypto market have been highly volatile, which has positioned them more as speculative assets rather than stable ones.
Institutional involvement has intensified mining difficulty through the centralization of computing power, but Ju believes this trend may contribute to Bitcoin’s stability.
In a post on X, Ju mentioned that “major fintech players are expected to drive mass adoption of stablecoins within three years.”
He also noted that by the next halving event in 2028, using BTC as a currency “will start to be seriously discussed.”
Although layer-2 solutions like the Lightning Network are often highlighted for BTC scalability, adoption rates remain behind those of venture capital-backed blockchains.
Ju pointed out that institutional backing is essential for BTC layer-2 adoption, which faces competition from alternatives like Wrapped Bitcoin (WBTC), which allows BTC integration across various ecosystems without the complexities of layer-2 infrastructure.
Recent BTC price analysis suggests that the $65,000 level has become a critical support after Bitcoin reached $69,000 on October 21, marking the first time it hit that level since June.
Keith Alan, co-founder of Material Indicators, forecasted that if BTC “can hold above the 21-week moving average with no wicks,” it would indicate a sustained short-term uptrend.
With macroeconomic factors and potential market volatility on the horizon, analysts are closely monitoring BTC’s performance in the weeks ahead, with some expecting a retest of the all-time high before year-end.
Sources:
https://cointelegraph.com/news/bitcoin-currency-2030-cryptoquant-ceo
https://x.com/ki_young_ju/status/1849350184100331556
