As a seasoned researcher with a keen interest in the crypto sphere, I find myself intrigued by Ki Young Ju’s predictions about Bitcoin’s future. Having closely followed the cryptocurrency market for over a decade, I can attest to the significant changes it has undergone during this time. The increasing mining difficulty is indeed a testament to Bitcoin’s growing popularity and acceptance, as more institutional investors pour into the space.
The founder and leader of CryptoQuant, Ki Young Ju, expressed that an increase in Bitcoin mining complexity might hint at the potential transformation of Bitcoin into a digital currency.
Over the last three years, as shown on CryptoQuant’s real-time chart, the challenge of mining Bitcoin (BTC) has been growing significantly. The CEO of CryptoQuant, Ki Young Ju, pointed out that this increase represents a 378% jump in competition among miners.
The surge in mining complexity mainly stems from the influx of significant mining corporations, often funded by institutional investors, who currently control the mining sector. Consequently, this has created barriers for independent miners to join the industry. Yet, Ju considers this a positive aspect for Bitcoin’s growth and evolution.
With more institutions getting involved, the hurdles for entering the Bitcoin market become higher, making it less volatile and potentially less attractive as an investment asset. By the time of the 2028 halving, Bitcoin’s potential to function as a low-volatility currency could grow significantly,” is one way to paraphrase Ju’s post in natural and easy-to-read language.
By around 2030, Bitcoin is expected to become a widely used form of currency. The mining difficulty for Bitcoin, which indicates the level of competition involved, has been reaching new peaks, climbing by an impressive 378% over the past three years. In 2009, a single PC could mine as much as 50 Bitcoins; now, that same task is far more challenging due to increased competition in the mining process.
— Ki Young Ju (@ki_young_ju) October 24, 2024
On the same day, TeraWulf, a cryptocurrency mining company, disclosed intentions to sell $350 million in convertible senior notes maturing in 2030 to eligible institutional investors. The company mentioned that there could be an additional $75 million available if initial buyers decide to exercise their option within a 13-day period following the issuance.
Furthermore, three prominent Bitcoin mining firms based in the U.S., Riot Platforms, Marathon Digital, and CleanSpark, have joined forces to establish a political action group. This group intends to support pro-cryptocurrency candidates in crucial battleground states. The committee plans to kick off a $2 million digital advertising campaign, targeting voters in Pennsylvania and Texas.
Ju elaborated that as stricter cryptocurrency regulations are put in place, it’s anticipated that prominent fintech firms would spearhead the widespread acceptance of stablecoins within the next three years. He further stated that increased understanding of blockchain wallets and stablecoins could pave the way for Bitcoin to become more mainstream.
Consequently, he anticipates that Bitcoin will begin to gain significant recognition as a legitimate currency by the time of the next halving event, scheduled for April 2028.
According to Ju, Satoshi Nakamoto envisioned Bitcoin as “peer-to-peer electronic money,” rather than digital gold. By 2030, this vision could become a reality as Bitcoin’s network matures and experiences less price instability.
On February 25th, experts from the European Central Bank expressed their viewpoint that Bitcoin has not been successful in functioning as a worldwide decentralized digital currency or as an investment asset with consistently increasing worth.
According to the economists, Ulrich Bindseil and Jürgen Schaaf, using Bitcoin for transactions remains troublesome, sluggish, and expensive.
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2024-10-24 15:54