CryptoQuant CEO predicts Bitcoin will be used as a ‘currency’ by 2030

Ki Young Ju, founder and CEO of CryptoQuant, stated that the increase in Bitcoin mining difficulty could signal the possibility of Bitcoin becoming a digital currency.

According to data from CryptoQuant’s live chart, Bitcoin(BTC) mining difficulty has been increasing over the last three years. CryptoQuant CEO Ki Young Ju announced that Bitcoin’s mining difficulty increased by 378%, indicating that competition has increased.

The increase in mining difficulty is largely due to the influx of large mining companies backed by institutional investors that dominate the current mining industry. This has made it difficult for individual miners to enter the industry. However, Ju sees this as a good thing for Bitcoin’s development.

“As institutional participation increases, barriers to entry also increase, reducing Bitcoin’s volatility and attractiveness as an investment asset. In his post, Ju stated that with the 2028 halving, Bitcoin’s potential to become a low-volatility currency will increase.

#Bitcoin It will probably be used as a “currency” around 2030.

Reflecting the intensity of Bitcoin’s competition, mining difficulty has consistently reached all-time highs, increasing by 378% in the last three years.

While 50 BTC could be mined with a single computer in 2009,… pic.twitter.com/lY8pRreZCl

— Ki Young Ju (@ki_young_ju) 24 October 2024

On the same day, crypto mining company TeraWulf announced plans to offer $350 million of convertible senior notes due 2030 to qualified institutional buyers. The offering could include an additional $75 million if initial buyers exercise the option within 13 days of issuance, the firm said.

Additionally, Riot Platforms, Marathon Digital, and CleanSpark, three of the largest Bitcoin mining companies in the US, have backed a new political action committee to support pro-crypto candidates in key states. The committee will launch a $2 million digital advertising campaign aimed at Pennsylvania and Texas voters.

Ju explained that with the implementation of more crypto regulations, more major fintech companies “will be expected to drive mass adoption of stablecoins within three years.” He added that greater familiarity with blockchain wallets and stablecoins will help bring Bitcoin into the mainstream.

Therefore, he believes that Bitcoin will begin to be seriously considered as a currency starting from the next halving event in April 2028.

“Satoshi aimed for Bitcoin to be “P2P Electronic Cash” and not digital gold. His vision can be realized by 2030 through the maturation of the Bitcoin ecosystem and reduced volatility,” Ju said.

On February 25, economists at the European Central Bank said that Bitcoin has failed both as a global, decentralized digital currency and as a financial asset whose value is constantly increasing.

Two economists, Ulrich Bindseil and Jürgen Schaaf, argue that transactions involving Bitcoin are still cumbersome, slow and costly.