Bitcoin (BTC) might finally become a global currency by 2030, according to Ki Young Ju, the CEO of CryptoQuant. His insights highlight how quickly the Bitcoin ecosystem is evolving, especially in mining and institutional involvement.
Satoshi Nakamoto, the mysterious creator of Bitcoin, originally imagined it as a decentralized, peer-to-peer electronic cash system.
In a recent post on X (formerly Twitter), Ki suggested a future where Bitcoin is used widely as a low-volatility currency, not just as a speculative investment. This idea comes from the significant changes in Bitcoin mining since its launch in 2009.
Back then, individual miners could easily mine 50 BTC using a regular personal computer. Today, things are very different.
Bitcoin's mining difficulty has surged by an astonishing 378% in the last three years. This increase shows how much competition has grown in the industry, making it almost impossible for individual miners to profit.
Now, large-scale mining operations backed by institutional investors dominate the market. This shift has major implications for Bitcoin's future. With institutions in control, the barriers to entry for mining have risen, leading to a more stable Bitcoin ecosystem.
In this context, Ki Young Ju believes that this stability could help reduce Bitcoin's notorious price volatility. While this may make Bitcoin less appealing to day traders, it could enhance its attractiveness as a practical currency.
One key event to watch is Bitcoin halving. This happens roughly every four years when the reward for mining Bitcoin transactions is cut in half. After the upcoming halving in 2024, the next one is expected around April 2028.
Historically, significant price increases have followed these halving events. However, Ki predicts that the 2028 halving could mark a new phase in Bitcoin's evolution. As Bitcoin's volatility decreases over time, discussions about its use as a currency may gain serious traction.
Ki Young Ju also thinks that by 2028, institutional adoption will reach a critical mass. This could lead to Bitcoin being accepted for everyday transactions. The growing presence of major fintech companies could further support this transformation. For instance, Stripe's recent move into the stablecoin space could attract more e-commerce and global markets.
As regulations become clearer, stablecoins might see widespread adoption. This would help more people become familiar with blockchain wallets and other cryptocurrency technologies.
Volatility has long been a significant barrier to Bitcoin's use as a currency. Businesses and consumers hesitate to use Bitcoin for transactions if its value swings wildly day to day. However, Ki argues that this volatility is gradually decreasing as the ecosystem matures.
"As volatility decreases, Bitcoin's role as a currency becomes increasingly inevitable," Ju noted.
This reduction may happen through advancements in protocol, Layer 2 networks, or the adoption of Wrapped Bitcoin (WBTC). However, Ki emphasizes that for Bitcoin's Layer 2 solutions to be competitive, they will need institutional support. As these improvements take hold, Bitcoin's potential as a stable currency will grow.
This perspective aligns with financial experts like billionaire investor Paul Tudor Jones. He sees Bitcoin as a hedge against inflation and economic uncertainty. Jones believes that Bitcoin's limited supply makes it an attractive store of value, especially in a world facing rising debt and inflation.
Similarly, MicroStrategy founder Michael Saylor believes Bitcoin’s unique properties position it as a superior long-term store of value. This explains why the firm has been steadily accumulating Bitcoin since 2020.
This growing institutional trust could further stabilize Bitcoin's price, making it more appealing as a currency by the end of the decade.
"We're buying Bitcoin to hold it for 100 years. That crash from $66,000 to $16,000 shook out the tourists. When it was at $16,000, we were all ready to ride it to zero," Saylor recently stated.
For Ki Young Ju, this transformation represents a return to Bitcoin's original purpose. While many view Bitcoin as "digital gold," Satoshi's true aim was for it to function as a P2P electronic cash system.
As the ecosystem matures and volatility continues to decrease, the belief that Bitcoin cannot serve as a currency will fade. Ki Young Ju believes that by 2030, we could see Bitcoin used as a practical, low-volatility currency, effectively realizing Satoshi's long-held dream.