Bloomberg ETF analyst Eric Balchunas says that Bitcoin (BTC) is now in the same phase that took Facebook from 1 billion to 3 billion users.
The comparison shows that BTC has lost its countercultural appeal, but that signifies maturity, not decreased interest. Exchange-traded funds (ETFs) serve as a driving force to bring Bitcoin to the general public.
ETF expert compares Bitcoin with Facebook's 'outdated' period – positively?
Balchunas, who is a senior ETF analyst at Bloomberg Intelligence and co-host of the Trillions podcast, compares today's situation for Bitcoin with when older generations started using Facebook.
"Bitcoin now feels like when your parents joined Facebook. It might not feel as cool anymore because of the Boomers, but at the same time, Facebook's user base grew from 1 billion to 3 billion people when it was no longer cool, so..." wrote Balchunas.
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Facebook reached 1 billion active users per month in 2012 according to Meta. By the end of 2023, the number had increased to 3.07 billion.
The annual growth rate fell below 10% after 2013, but the total number of users nearly tripled during the 'boring' period.
Balchunas also called for clear figures on the growth of Bitcoin owners over 3, 5, and 10 years. He pointed out that BlackRock reported that approximately 1 million people bought iShares Bitcoin Trust (IBIT) already in the fund's first year.
Current estimates show that there are approximately 106 million Bitcoin owners globally, up from about 30 to 50 million in 2021.
IBIT now has 782,180 BTC, which is approximately 3.9% of the total supply.
At the same time, some macro analysts point out that people without Bitcoin often claim that Bitcoin is dead, but in reality, the development has barely begun.
When an asset loses its identity-driven appeal and attracts broader and passive capital, it often marks the beginning of its largest growth phase, not the end.
Can the group of Bitcoin owners follow Facebook's path from 1 billion to 3 billion? The current trend since the ETF approval suggests so.
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