Although Bitcoin is now over ten years old, the rest of the crypto market is still a relatively young asset class and unproven technology that’s valuations are based on pure speculation.
According to the crypto industry’s most powerful man and influential figure, only 1 in 1000 people own cryptocurrencies, and that the current state of the market is just the “tip of the iceberg” of what’s to come over the next 30 years.
Binance CEO: Current Bitcoin Adoption Just The Tip of The Iceberg
Cryptocurrencies are an emerging technology and asset class with the potential to disrupt the finance industry and even redefine what the world currently knows as money itself.
The hype of the potential caused asset valuations to skyrocket way ahead of being ready for public consumption, and that realization caused crypto prices to tumble from all-time highs.
After two years, though, that hype has cooled off, and valuations are currently a lot more grounded in reality.
But the hype of the crypto bubble did put Bitcoin and the rest of the asset class on the map. Bitcoin is now a household name, a possible solution in Scrabble, and has a place in the dictionary alongside blockchain, cryptocurrencies, and more.
More and more people know what cryptocurrency is, although even more don’t yet understand why it is important, nor do they own any.
According to Changpeng Zhao, the CEO of cryptocurrency trading platform Binance, only 1 out of 1000 or so people own crypto assets like Bitcoin, Ethereum, XRP, or other altcoins lower down the list by market cap.
While speaking in live Periscope, Zhao said that this is just the “tip of the iceberg” for the future of crypto adoption that will take place across the next 30 years.
— CZ Binance ??? (@cz_binance) February 7, 2020
1 in 1000 Own Crypto, But Could Reach 50% of Population Within 30 Years
His words are significant and come at a time when crypto investors need reminding about the potential of the asset class.
After two full years of a bear market, falling prices have made investors forget about how these cryptocurrencies my thrive in the future.
Just like the internet before it, and many other technologies like the TV, refrigerator, and others before that, it takes decades for new technologies to be adopted.
Past data suggests that if the rate of Bitcoin adoption stays at pace with internet adoption, over 50% of the world will be using cryptocurrency by 2043. This would bring the number to 1 out of every 2 individuals.
With half the world using crypto, prices could reach unimaginable levels.
Zhao is also the CEO of one of the most important cryptocurrency exchanges in the crypto market, and was listed at the top of the Forbes crypto rich list, making his words especially powerful in the space.