To date, the adoption of cryptocurrency has been slow, but according to Brian Estes it will accelerate over the next ten years.
With the recent influx of institutional players into the crypto industry, how long will it take for corporate Bitcoin Storm review allocations to become the norm? Brian Estes, founder of the Off The Chain Capital investment company, assumes about ten years:
„I’m thinking around 2029-2030, when 90% of U.S. families and citizens will use cryptocurrency and Bitcoin. At that point it will become a stable element of the economy, not only in the United States but all over the world“.
Estes‘ theory is based on the analysis of the so-called „sigmoid function“, a very common graph that describes the process of adoption of new technologies:
„The time needed for a new technology to pass from 0% to 10% adoption is the same to pass from 10% to 90%“.
Currently, digital asset holders account for approximately 15% of the U.S. population aged 18 and over, according to a study conducted by Cornerstone Advisors. In 2019, this figure was just 10%.
„It took 10 years for Bitcoin to go from 0% to 10% adoption,“ commented Estes. „We are on track to reach 90% by 2029.“
„It is no longer a question of ‚if‘. Between 0 and 10 percent adoption, we talk about ‚if‘: when a new technology reaches 10 percent, we start talking about ‚when‘.
It usually takes the same amount of time, and I can give you some examples. From personal computers to the Internet, from fax machines in the 70s to washing machines in the 40s, from cars in the 30s to railways in the 1800s… the adoption curve is always the same“.
Jeremy Allaire, CEO of Circle, has already used PayPal to buy Bitcoin…
Allaire has published a screenshot on Twitter that shows the purchase of $100 in BTC on PayPal, before the official launch of the service
There has been a lot of enthusiasm in the industry since PayPal, the US payment giant, announced last week that it wants to enter the cryptocurrency market. The launch of its new services, through which users will be able to make crypto payments and purchase digital currency directly through the platform, is scheduled for next year.
On October 28, Jeremy Allaire, co-founder and CEO of the crypto payments company Circle, revealed on Twitter that he used PayPal to buy $100 worth of Bitcoin, attaching a screenshot of the transaction to his message:
„I bought $100 in BTC on PayPal! An important goal for the market!“
However, Allaire did not explain how he managed to access the service before the official launch.
Besides Bitcoin (BTC), PayPal will also support Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Payments will be settled through legal tender currencies, similar to existing solutions such as BitPay. This means that merchants will receive traditional money and not digital currency, as PayPal will automatically convert the funds.
PayPal is one of the largest payment service providers on the planet, with 346 million active accounts and a second quarter of 2020 volume of $222 billion. Initially PayPal was one of the founding members of the Libra Association, but later decided to abandon the project due to strong pressure from regulators.