The Progress of Global Bitcoin Adoption | VitalyTennant.com 1

The Progress of Global Bitcoin Adoption

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Global Bitcoin adoption may never happen, especially given the volatility of the currency. However, there are strides being made in some countries in a bid to make digital a part of the nationโ€™s development with the same backing as standard fiat currencies most rely upon.

The Progress of Global Bitcoin Adoption | VitalyTennant.com 2
Countries Making Progress

Of all the countries pushing to make Bitcoin, and indeed, other digital currencies part of their legal tender, most are unsurprisingly far removed from the United States and Europe. With ties to global monetary systems such as the IMF, nations like the USA, UK, and France canโ€™t currently hope to achieve integration. Yet countries like El Salvador are seeing initiatives spearheaded by people like Jonathan Martin of NFL, where the benefits level the field for all.

The Question of Hope

It has been a miserable couple of years for Bitcoin and crypto in general, with the former hovering around the $20,000 mark on average. However, the BTC price index has increased significantly over the past few weeks and is steadily making gains. There could be good times ahead if you never gave up on BTC and have been stashing some away for such a scenario. Even so, there has been an increase in BTC owners of over 270% between 2021 and 2022.

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Global Bitcoin Adoption in Developing Nations

It is easy to assume that BTC and crypto, in general, rule the roost in the US and other wealthy nations. But this isnโ€™t really the case. In fact, the US comes 4th compared to other countries that are adopting BTC. Asian and African countries are adopting Bitcoin far more substantially. Countries such as Vietnam, Nigeria, and India make up the bulk of the top 10 nations adopting cryptocurrencies in todayโ€™s financial markets, mostly used as hedges against inflation. 

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Central Bank Digital Currencies

The rise of digital currencies in some countries has forced governments to at least consider and, in some cases, make digital a legal form of tender with the same backing as their very own fiat currency. This means people can freely use crypto and/or digital currencies in the same way they would typically use money. There are many advantages to doing this. For example, there is much more privacy with digital currency, and transactional fees are also much lower.

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Expanding the 1 Bitcoin Club

Owing bits of a Bitcoin can be lucrative, but the real value is in owning one or more. Of all the registered Bitcoin addresses, only around 4.5% own a whole Bitcoin on the whole network. The value of Bitcoin is, of course, measured by the value of a whole, which currently sits at -$37,000+. Bitcoin is volatile, and its value has many swings. Yet analysts predict that by 2030, the value of one Bitcoin will be between $99,000 and $140,000, an almost 413% return on investment.

Summary

Some countries are making more progress towards Bitcoin Adoption than others. Surprisingly, developing nations like India are embracing the tech, with BTC valued at $140,000 by 2030.