Bitcoin could be used as currency by 2030 — CryptoQuant CEO
2024-10-24

Bitcoin mining difficulty has surged over the past three years, increasing by 378% as institutional investment in large-scale mining operations drove it higher.
This has led to unprecedented levels of mining competition and entry barriers for individual miners. Still, Ki Young Ju, CEO of CryptoQuant, said this may be a positive for Bitcoin BTCUSD.
Ju forecasts that the increase in mining difficulty may be a precursor to Bitcoin evolving into a stable currency by 2030. As institutional dominance increases, it could reduce volatility in the cryptocurrency space, Ju said. 
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 increased mining difficulty amid the centralization of computing power, but Ju suggests this could help stabilize the Bitcoin ecosystem.
In an X post, Ju said that “major fintech players are expected to drive mass adoption of stablecoins within three years.”
He said by the next halving event in 2028, BTC use as a currency “will start to be seriously discussed.” 
Bitcoin L2s and Wrapped BTC
While layer-2 solutions like the Lightning Network have been touted as keys to BTC’s scalability, adoption rates have lagged behind venture capital (VC)-backed blockchains.
Ju said 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.
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 reached $69,000 on Oct. 21 for the first time since June.
Keith Alan, 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.