According to the latest data, only 7% of Americans previously used Bitcoin. That means current investors in Bitcoin are still in an early stage of growth.
According to the co-founder of 10T Holding, Dan Tapiero, Bitcoin, the world’s largest cryptocurrency, is still at the start phase of a new asset class. He says that it’s so early for BTC.
BTC has a considerable rise potential to evolve into an established store of value in the longer term, like gold. If so, investors expect its cost to boost exponentially over the following decade.
Currently, most of Bitcoin’s demand comes from investors that see Bitcoin as the yellow metal 2.0. As investors claim, Bitcoin would be considered as a safe-haven asset.
Consequently, institutional investors have heavily accumulated Bitcoin in the last months. For instance, MicroStrategy purchased $425 million worth of BTC, while Stone Ridge bought $110 million.
However, if Bitcoin’s retail demand is picked up in tandem across leading regions, it could help Bitcoin increase exponentially.
Only six countries have above 10% of their population as BTC customers
Statistica’s data reveals that only six countries have above 10% of their population as BTC customers. According to the Statista Global Consumer Survey, the top countries in terms of Bitcoin users per capita are Vietnam, Nigeria, and South Africa.
Dan Tapiero said that the survey does not involve countries top to bottom, which might have missed substantial cryptocurrency markets. For example, although South Korea is one of the world’s leading BTC markets, it is not on the list.
During the last years, the Bitcoin exchange has significantly increased across Europe, Asia, and the U.S. However, there are still several countries that lack reliable exchange support to this day.
Moreover, Canada lacks a strictly organized major local cryptocurrency exchange users can rely on, apart from Coinbase.
Once the exchange and fiat on-ramp infrastructure completely settles, retail investors should become more accessible to join the market.
Some exchanges require a total Know Your Customer or KYC verification process before customers can initiate wire transfers to purchase BTC.
Until there are further developments in the infrastructure to onboard retail investors, the broader mainstream population would likely join the cryptocurrency market.
According to the analysts, in the long term period, BTC will vary between $20,000 to $1,000,000.
Moreover, On October 16, Paul Pal, the founder of the Ral Vision Group, reported that he believes Bitcoin will reach to $1 million.
At a price point of $1 million, Bitcoin’s fully diluted market cap would be approximately $21 trillion. That would be above two-folds of gold’s current market valuation of $9 trillion.