Bitcoin’s upcoming Bull Run will be “one of the fastest climbs in history”: Top Analyst
While Bitcoin has increased massively in recent years, there are still many people in the world who do not own the crypto-currency. Estimates by a leading on-chain analyst suggest that less than 2% of the world is exposed to Bitcoin in any form.
Almost 2% of the world owns Bitcoin: Analysis
According to Willy Woo, a leading Bitcoin Revolution on chain analyst, less than 2% of the world is currently exposed to Bitcoin. He specifically mentions the figure of 1.7%, which indicates that 120 million people have been exposed to the leading crypto currency:
“My best estimate is that 1.7% of the world population is exposed to Bitcoin. 1.3% is the lower limit. At 1.7%, Bitcoin has not even started this S-curve. It is on the verge of breaking through, at current growth rates it will be one of the fastest rises in history”.
As he explains, this simple fact shows that there will be an exponential growth in the price of the crypto-currency if Bitcoin becomes widely accepted. Woo makes explicit reference to the growth rates of other paradigm-changing technologies such as the Internet and mobile phones. If BTC continues to grow at its current rate, he explains, it will be a technology with “one of the fastest rises in history”.
Woo has stated in a recent analysis that Bitcoin will reach $200,000 or even $300,000 by the end of next year:
“My top model, which proposes $200,000 per BTC by the end of 2021, looks conservative, $300,000 is not out of the question. The current market paid an average of $7,456 for their coins. They are all geniuses.”
Chart of the BTC macro price action with a price model analysis by crypto trader Willy Woo (@woonomic on Twitter). Source: BTCUSD from TradingView.com
Many expect that the percentage of the world’s market holding of Bitcoin will increase rapidly in this market cycle.
It is expected that millionaires alone will allocate enormous amounts of capital to this area in the coming years. Niall Ferguson, a financial historian at the Hoover Institution of Stanford University, says that institutional players and millionaires have begun to accept Bitcoin:
“The acceptance of Bitcoin as a digital asset, a quasi-digital gold, has been accelerated by this ”pandemic”. Almost every month, a key figure from the world of mainstream investors has said: “OK, now I’m taking BTC seriously”. This process of institutional takeover must continue”.
In addition, Blockchain Capital found out in a commissioned survey that almost half of all Americans believe that Bitcoin will be widely used in the next five to ten years. In addition, almost one third of respondents said that they would like to buy the leading crypto currency in the next five years.