Bitcoin Has User Base Akin to Internet in 1997 – Will History Repeat?

In a fascinating insight that has recently come to the notice of the crypto world, one could see that Bitcoin, at present, has nearly the same number of users that the internet had in 1997. Although both the available numbers are estimates, this resemblance holds significance as 1997 was the year when the number of internet users crossed the vital threshold of 100 million. 

Bitcoin vs. the Internet: Comparing the Number of Users

In 1995, there were 44,866,595 or nearly 45 million internet users in the world. At the time, this was less than 1% of the world population. From 45 million in 1995, the number grew to 77,583,866 or nearly 77.5 million in 1996. By 1997, the number had reached 120,992,212 or almost 121 million. The period between 1996 and 1997 is the time when the number of internet users crossed 100 million.

Similarly, estimates published in 2021 suggest that the number of users who own Bitcoin has crossed the mark of 100 million. Some surveys go even deeper to dig out the distribution geography-wise. A few of these surveys suggest that the number of people who own Bitcoin in the USA is nearly 30 million, while Europe has 37 million owners. 

Internet and Bitcoin Growth in Terms of Users

These two numbers may appear disjointed – having no bearing upon one another. But, if we consider the categories that these datasets belong to, they do not seem very distant at all.

Both the internet and bitcoin are game-changing paradigms of technology. While one has ended up changing the entire notion of communication that existed before it, the other is poised to radically alter the course of the financial economy, the concept of ownership, and the existing norms of asset exchange between two parties.

Initially, the internet was difficult to use, lacking in the areas of user interface (UI) and user experience (UX). As these fields improved, the internet’s user base subsequently increased. If Bitcoin—and cryptocurrencies in general—continue to improve in terms of UI/UX, it is reasonable to think that more people will invest in Bitcoin.

Now, let us look at the growth in the number of internet users in the next ten years. While in 1997, the internet managed to garner 121 million users worldwide, in 2007, that number reached 1,373,226,988 users. The growth from 121 million to more than 1.37 billion is a more than 10x jump. 

If bitcoin follows the same growth rate – given its categorical similarity with the advent of the internet – then in the next ten years, the number of users who own bitcoin would cross the mark of 1 billion. Keeping the amount of Bitcoin owned per user aside, there are reasons to believe that Bitcoin would cross the mark of 1 billion users before 2031. 

Bitcoin: An Exponential Growth Story

If we look at the global cryptocurrency market capitalization, it was a little more than $151 billion on 15th March 2020. By 20th February, it crossed the mark of $1.71 trillion – more than ten times growth in less than a year. Bitcoin, dominating more than 60% of the crypto market, follows nearly the same curve.

The pandemic caused an unprecedented boom in the demand for crypto assets like Bitcoin. Trends suggest that the exponential surge is here to stay as investors are increasingly seeking avenues to hedge their assets against the risks present in the traditional inflation-induced money market. Now, whether the number of Bitcoin owners will cross the mark of 1 billion much before 2031 – that only time can tell.

Do you think that there will be one billion Bitcoin owners by 2031? Let us know below in the comments.