'You Are Still Early:' Bitcoin's Global Adoption Rate Hits 4.7%, Echoes Internet's Early Growth Phase, Says Analyst

The world's largest digital asset Bitcoin BTC/USD has the same number of users as the Internet had in early 1999, reflecting the cryptocurrency's immense scope for future growth.

What Happened: Bitcoin's world adoption hit 4.7%, according to popular cryptocurrency analyst Willy Woo, reminiscent of the Internet's growth curve in January 1999. 

The trajectory prompted Woo to say, "You are still early… and that’s backed by the best data available," referring to the present holders of the cryptocurrency.

Bitcoin's user base was around 430 million as of this writing. The analyst last month, extrapolating multiple independent studies, had predicted that Bitcoin's total user base would swell to 500 million by October, and nearly a billion by the end of 2025.  

Why It Matters: Bitcoin's fast pursuit of the Internet adoption curve raised optimism among proponents that the digital currency would eventually mimic the parabolic rise of the World Wide Web.

The Internet frenzy took off at the turn of the millennium, ushering in an astronomical jump in the number of users. As of April 2024, there were 5.44 billion internet users worldwide, constituting 67% of the global population, according to Statista. 

The better part of the story is that Bitcoin was expanding faster than the Internet, as popular Bitcoin expert Vivek recently claimed. 

Price Action: At the time of writing, Bitcoin was exchanging hands at $65,837.53, rising 6.41% in the last 24 hours, according to data from Benzinga Pro. The King Crypto was up 57% year-to-date, and nearly 150% since the same time last year.

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Mohamed Hassan from Pixabay