Eric Balchunas, an ETF analyst from Bloomberg, confirms that Bitcoin (BTC) is entering a phase of acceptance similar to how Facebook grew from 1 billion to 3 billion users.
This comparison shows that Bitcoin, which began to lose its rebellious charm, is becoming a signal of growth and maturity, not a low point, as spot ETF funds have become a catalyst for the influx of the general public.
ETF experts compare Bitcoin to the unpopular period of Facebook; is there an upward trend?
Balchunas, a senior ETF analyst at Bloomberg Intelligence and co-host of the podcast Trillions, compares this moment for Bitcoin to when older generations started using Facebook.
Bitcoin now resembles the time when our parents started using Facebook; it may not seem as cool anymore because of the Baby Boomers, but at the same time, Facebook's user base grew from 1 billion to 3 billion after the coolness faded. So..., Balchunas wrote.
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According to Meta Facebook, the monthly active users reached 1 billion in 2012, and by the end of 2023, this number had increased to 3.07 billion.
Even though the year-on-year growth rate has fallen below 10% after 2013, the number of users has nearly tripled during those seemingly dull times.
Balchunas also inquired about detailed statistical data on the growth of Bitcoin holders over the past 3, 5, and 10 years, and noted that BlackRock reported that over 1 million people purchased their iShares Bitcoin Trust (IBIT) in just the first year alone.
Currently, it is estimated that the number of Bitcoin holders worldwide is around 106 million, up from about 30 to 50 million in 2021.
Meanwhile, IBIT holds 782,180 BTC, accounting for about 3.9% of the total supply.
However, some macro analysts say that no-coiners continue to declare that Bitcoin has no future, but in reality, Bitcoin has just begun.
When an asset loses its appeal from a specific group and can attract large passive funds, that change is often the beginning of its greatest growth phase, not the end.
Is the Bitcoin holder base likely to follow the path of Facebook from 1 billion to 3 billion? The direction since the ETF approval is heading that way.
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