According to Changpeng Zhao, the CEO of Binance, the use of cryptocurrency will exceed that of the internet in a few years. Changpeng Zhao’s prediction estimates that more than 4 billion people will be Crypto Adopters and turn to blockchain in a matter of years.
The Internet Finds a Challenger
Currently, approximately 4.4 billion people across the globe have internet connectivity. This makes up around 58 percent of the world’s population with most of these users located in India, China, and the USA.
As it is now, numbers reflecting the adoption of blockchain worldwide are hard to find. However, recent news shows that this number could be as high as 139 million people globally. These statistics are staggering given that since 2017, these figures suggest that blockchain adoption has increased seven-fold in merely two years. Consequently, for Changpeng Zhao’s prediction to come to pass, the use of cryptocurrency will have to grow at a rate of 3,065%.
Changpeng Zhao is not the only person who believes that blockchain adoption is on an upward curve and will reach and surpass his prediction. Anthony Pompliano, the Co-founder of Morgan Creek, believes that Changpeng Zhao’s analysis is accurate.
Tim Draper, a venture capitalist who made venture capital investments in Skype, Tesla, and Hotmail, also says that blockchain technology is way bigger than the internet. Having invested in the internet way before others adopted its usage, Tim Draper says that bitcoin is larger than his early investments in Skype, Tesla and Hotmail combined. As such, bitcoin analysis is here to stay since blockchain is bigger than the Industrial Revolution, the Renaissance, and the Iron Age. He predicts that within five years, bitcoin will have taken the place of fiat currency for simple activities such as purchasing coffee.
Some of the reasons for why bitcoin is bigger than the internet is summarized by getting rid of border restrictions involving stifling government rules for business. The technology also has accurate and automatic real-world uses such as shopping and paying energy bills. Lastly, it gets rid of all middlemen since no single group, person, or entity has a monopoly over it. Everyone using it has a say.
Satellite Uses Crypto Adopters
Following numerous debates, many believe that Changpeng Zhao’s prediction is supported by the fact that even individuals with no access to the internet can adopt blockchain usage thanks to satellites.
Blockstream, a crypto company, currently offers one-of-a-kind service by using satellites to reach remote locations for the adoption of bitcoin blockchain technology. Internet access is, therefore, not a requirement if one is someone wants to transact using bitcoin. By beaming real-time transactions involving bitcoin using satellites located in space, everyone can now access the bitcoin system free of charge globally.
Given current Crypto Adopters statistics, close to half of the world’s population currently does not enjoy internet connectivity either because it is unavailable or due to associated cost. Blockstream is giving this population access to the rest of the world without the need to connect to the internet for bitcoin analysis and usage.
Additionally, given that many people in developing nations depend on payments using a mobile phone which do not use the internet, delivering bitcoin access to them via satellite technology will tap into this market while increasing global trade. For example, there was a recent electricity blackout in Venezuela which meant that the country’s population could not access the internet. However, those with access to bitcoin marveled at their ability to transact using text messaging services while they could not log in to check on their social media accounts which depend on internet connectivity.
Binance Coin Domination
Changpeng Zhao’s prediction comes in 2019 when the Binance Coin has dominated blockchain news having gained over 258 percent to reach all-time records while other Crypto Adopters struggle to fight their way through the current bear market.