The Bitcoin market, and the cryptocurrency world in general, may have experienced a significant influx of users as a result of serious targeted campaigns conducted by market players. In fact, the market has seen some very unusual players enter the market of late. One of such is the introduction of institutional trading of cryptocurrencies.
However, as much as these developments have led to many new people getting some clues about cryptocurrencies, especially Bitcoin, and even entering the market to acquire some, significant Bitcoin adoption in relation to the total financial market size is still comparably small, with only a handful of people owning the coins as compared to the huge market population.
At the moment, only about 3 million people are actually active Bitcoin users, and that definitely doesn’t look good to anyone looking forward to the future of Bitcoin as a market dominant and possibly a widely used means of payment.
Indeed, Bitcoin has seen a few market upsets since its debut into the financial market back in 2009. Since then, the pioneer blockchain network has undergone some serious improvements. The Lightning Network is one of such very notable improvements that have greatly improved the network’s efficiency and reliability as a payment system.
Besides that, good support from quarters like big companies that have recognized Bitcoin as a valid means of payment on their platforms has contributed to the crypto’s fame and market dominance. However, there’s still the issue of adoption.
There are concerns among some market players after Bitcoin shed off almost 70% of its previous value in the last few weeks. At the moment, the Bitcon market is trapped between bulls and bears, with a contracting range and moving averages. That doesn’t mean that Bitcoin is headed for the cliff. Quite to the contrary, all this market needs is a little push in terms of more acceptability and adoption.
If there happens to be a strong wave of Bitcoin adoption, the crypto market could soon make another mega leap in value. Another supportive factor is that Bitcoin can be divided into smaller denominations called Satoshis. By the time all the Bitcoin blocks are mined, there will be a total of 2.1 quadrillion Satoshis in circulation.
That’s roughly comparable to the 3.7 quadrillion cents that represent the world fiat money. To that effect, Bitcoin could very well replace fiat currencies to become the world’s dominant payment system, and that means that its value would most definitely shoot up.