Home CryptocurrencyBitcoin Bitcoin could be used as currency by 2030 — CryptoQuant CEO

Bitcoin could be used as currency by 2030 — CryptoQuant CEO

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Bitcoin mining difficulty has surged over the past three years, increasing by 378% as institutional investment in large-scale mining operations drove it to unprecedented levels.

This has led to unprecedented levels of mining competition and entry barriers for individual miners. However, Ki Young Ju, the CEO of CryptoQuant, has predicted that this could be a positive for Bitcoin (BTC).

Ju forecasts that this rise in mining difficulty could be a precursor to Bitcoin evolving into a stable currency by 2030. As institutional dominance increases, Ju believes it could reduce volatility in the cryptocurrency space.

Mining, Bitcoin Mining, Predictions, Halving, Bitcoin Halving

Chart depicting Bitcoin difficulty rising between 2010 and the fourth quarter of 2024. Source: CryptoQuant

Related: Bitcoin must hold this 2021 level as traders see BTC price dip ‘over

Institutionalization driving BTC stability 

Historically, Bitcoin and the broader cryptocurrency market have been known for their volatility, making them more speculative than stable.

The growing involvement of institutional investors has raised mining difficulty due to the centralization of computing power, but Ju suggests this could help stabilize the Bitcoin ecosystem.

In an X post, Ju stated that “major fintech players are expected to drive mass adoption of stablecoins within three years.”

He expects that by the time of the next halving event in 2028, BTC use as a currency “will start to be seriously discussed.” 

Related: Over 63,000 BTC were sent to exchanges in last 72 hours — CryptoQuant

Bitcoin L2s and Wrapped BTC

While layer-2 solutions like the Lightning Network have been touted as the key to BTC’s scalability, adoption rates have lagged behind venture capital (VC)-backed blockchains.

Ju believes institutional support is critical for adopting BTC L2s, which face competition from alternative solutions like Wrapped Bitcoin (WBTC).

WBTC integrates BTC into various ecosystems without the complexities of L2 infrastructure.

Mining, Bitcoin Mining, Predictions, Halving, Bitcoin Halving

Source: Ki Young Ju

Related: Trump election victory could push Bitcoin to $92K, says Bitwise exec

Bitcoin price stability vital for bullish continuance

BTC price analysis indicates that the $65,000 price level has become a do-or-die support after the cryptocurrency’s price reached $69,000 on Oct. 21 for the first time since June.

Keith Alan, the co-founder of Material Indicators, predicted that if the BTC price “can hold above the 21-week moving average with no wicks,” it would signal that the short-term uptrend is here to stay.

With macroeconomic data and anticipated market volatility, BTC performance in the coming weeks will be closely monitored by analysts, with some predicting an all-time high retest before the year is out.

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