Summary
CryptoQuant CEO Ki Young Ju believes Bitcoin will become considerably stable and less volatile by the next halving event in 2028, making the way for mass adoption. He also states the growing difficulty of Bitcoin mining and large institutional involvement may reach a point in future where Bitcoin will be used as a currency, he predicts this to happen by 2030.
Rising Mining Difficulty: A Positive Sign
The difficulty of mining Bitcoin has skyrocketed by 378% over the past three years, according to the data provided by CryptoQuant. Ki Young Ju, A CEO said that this surge is due to entry of large scale mining companies, backed by institutional investors.While this has made things difficult for small miners to compete but he views this as a positive development, suggesting it will lead to something greater providing stability in Bitcoin ecosystem.
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Institutional Influence in Bitcoin Mining
This institutional power is being driven by significant Bitcoin mining firms like Riot Platforms, Marathon Digital, and CleanSpark. In order to help pro-crypto candidates, these businesses recently established a political action committee and started a $2 million digital advertising campaign in strategic states. The crypto mining company TeraWulf also revealed plans to raise $350 million to fund its operations, underscoring the expanding significance of institutional investors in the Bitcoin market.
Bitcoin as Currency by 2030
Ju thinks that Bitcoin will be sufficiently developed to function as a low-volatility currency by the time of the 2028 halving event. He highlights that Bitcoin was initially intended to be “peer-to-peer electronic cash,” not merely a store of value, as Satoshi Nakamoto had intended. Ju believes that by 2030, stablecoins and more regulation will allow Bitcoin to play this role.