Bitcoin (BTC) could finally realize its potential as a global currency by 2030, according to a recent post by Ki Young Ju, CEO of CryptoQuant. Ki’s analysis highlights the rapid evolution of the Bitcoin ecosystem, particularly in mining and institutional involvement.

Satoshi Nakamoto, the mysterious creator of Bitcoin, once envisioned it as a decentralized, peer-to-peer (P2P) electronic cash system.

CryptoQuant Founder Envisions Bitcoin As A Future Currency

In the post on X (formerly Twitter), Ki hinted at a future where Bitcoin may be widely used as a low-volatility currency, not just a speculative investment asset. The vision is based on how Bitcoin mining has drastically changed since its inception in 2009.

Back then, individual miners could easily mine 50 BTC with a single personal computer. Today, the playing field is entirely different.

Bitcoin’s mining difficulty, which measures the complexity of mining new blocks, has surged by a staggering 378% in just the past three years. This reflects the increased competition within the industry, with the growth making it nearly impossible for individual miners to participate profitably.

Instead, large-scale mining companies backed by institutional investors now dominate the industry. This shift toward institutional control has had far-reaching consequences for Bitcoin’s future. As institutional investors take the reins, entry barriers to mining rise, and Bitcoin’s ecosystem grows more stable.

Read More: How To Buy Bitcoin (BTC) and Everything You Need To Know

Against this backdrop, Ki Young Ju suggests that stabilization could reduce Bitcoin’s infamous price volatility. Instead, it could make it less appealing to day traders but more attractive as a practical currency.

The CryptoQuant executive points to one key event – Bitcoin halving. This event occurs approximately every four years when the reward for mining Bitcoin transactions is cut in half. After the 2024 Bitcoin halving, the next one is expected to take place around April 2028.

Historically, significant price increases came after halving events. However, Ki Young Ju predicts that the 2028 halving could mark a new phase in Bitcoin’s evolution. As Bitcoin’s volatility decreases over time, the conversation around its use as a “currency” may begin in earnest by this time.

Institutional Adoption of Bitcoin To Soar By Next Halving

Ki Young Ju believes that by 2028, institutional adoption will reach a critical mass, paving the way for Bitcoin to become more widely accepted for everyday transactions. The increasing presence of major fintech companies could also play a role in Bitcoin’s transformation into a currency. For instance, Stripe’s recent foray into the stablecoin infrastructure space could draw more e-commerce and global markets.

As regulatory clarity emerges, stablecoins could see mass adoption. This could familiarize more people with blockchain wallets and other cryptocurrency-related technologies in turn.

Furthermore, volatility has long been a major barrier to Bitcoin’s use as a currency. Businesses and consumers are reluctant to use Bitcoin for transactions if its value fluctuates wildly from day to day. However, Ki Young Ju argues that this volatility is slowly decreasing as the ecosystem matures.

“As volatility decreases, Bitcoin’s role as a currency becomes increasingly inevitable,” Ju added.

This reduction may occur through advancements in protocol, Layer 2 (L2) networks, or the adoption of Wrapped Bitcoin (WBTC). Nevertheless, Ki Young Ju says for Bitcoin L2s to be competitive, they would need institutional support. As these improvements take hold, Bitcoin’s potential to serve as a stable currency grows.

This aligns with the vision of financial experts like billionaire investor Paul Tudor Jones, who sees Bitcoin as a hedge against inflation and economic uncertainty. Jones believes that Bitcoin’s finite supply, particularly in a world burdened by increasing debt and inflation, makes it an attractive store of value.

Similarly, MicroStrategy founder Michael Saylor believes Bitcoin’s unique properties make it a superior store of value over the long haul. This explains the business intelligence firm’s progressive BTC buying spree. The firm has been stacking Bitcoin since 2020 and is still holding.

This growing institutional trust could further stabilize Bitcoin’s price, enhancing its appeal as a currency by the end of the decade.

“We’re buying Bitcoin to hold it 100 years. That $66,000 to $16,000 crash shook out the tourists. When it was $16,000, we were all ready to ride it to zero,” Saylor said recently.

For Ki Young Ju, this transformation represents a return to Bitcoin’s original purpose. While many view Bitcoin as “digital gold,” Satoshi Nakamoto’s true aim was for it to function as a P2P electronic cash system.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

As the ecosystem matures and volatility continues to decrease, the perception that Bitcoin cannot be a currency no longer exists. CryptoQuant’s founder believes the world could see Bitcoin used as a practical, low-volatility currency by 2030, effectively realizing Satoshi’s long-held dream.

The Dogecoin price is currently trading at $0.14, but not for long. According to a crypto analyst, technical analysis indicates Dogecoin is gearing up for a move towards $0.68. This interesting outlook for the king of meme coin comes amidst increased activity in its ecosystem, which suggests a large price move could be on the horizon. 

According to technical analysis by crypto analyst Dave The Wave using technical indicators, including the Fibonacci retracement, Dogecoin is currently looking bullish and is on the way to challenging its all-time high.

Dogecoin Price Action Prints Bullish

Dave the Wave, a well-known crypto analyst famous for accurately predicting the Bitcoin crash during the 2021 bull market, took to social media platform X to share his insights on the current Dogecoin price action. As such, Dave the Wave’s analysis has garnered attention from his followers, many of whom trust his market insight given his track record. 

His analysis is based on Dogecoin’s movement with the 1-day candlestick timeframe. In his analysis, Dave the Wave pointed out that DOGE appears to be on the verge of a breakout from an ascending triangle pattern. This comes after the meme coin successfully broke above a descending triangle formation earlier in the month. 

Since that breakout, Dogecoin has maintained an upward trajectory and has experienced a steady rally. Now, the meme coin is retesting a resistance level that aligns with the top of a newly formed ascending triangle.

Based on this price action, Dave the Wave expressed a bullish outlook for Dogecoin. To support his projection, he used the Fibonacci retracement tool to identify a potential price target. He highlighted the 0% Fibonacci retracement level, which is based on the retracement from DOGE’s all-time high in 2021, to note a final target of around $0.687. Reaching this target would represent a price surge of about 725% from the breakout point of the descending triangle pattern.

Can DOGE Create A New All-Time High?

Although technical analysis paints a rosy picture, the journey to a new Dogecoin all-time high is not going to be without challenges. One of the key challenges is the presence of significant resistance zones. Dave the Wave highlighted a critical resistance around the 2024 high of $0.22, along with another resistance level at $0.32, both of which could slow down Dogecoin’s upward momentum.

At the time of writing, Dogecoin is perambulating around $0.14, having lost about 3% of its market value in the past 24 hours. DOGE has faced multiple rejections in its attempts to break above $0.148 over the past 48 hours. This price level now appears to be the next immediate resistance that Dogecoin must overcome before it can target higher levels.

Featured image created with Dall.E, chart from Tradingview.com

A former Bitcoin developer refuted allegations that he is the real Satoshi Nakamoto, creator of Bitcoin, after an HBO documentary pinpointed him as the Bitcoin mastermind.

Peter Todd, who claimed the documentary falsely identifies him as Satoshi, believed that it is pointless to know who the Bitcoin founder is, considering Bitcoin has thrived despite the founder’s true identity, which remains shrouded in mystery.

‘A False Claim’

Todd criticized the documentary’s filmmaker for accusing him of being Satoshi, saying that it is a false claim.

He lamented that the film put him in the spotlight of public scrutiny despite his constant denial that he is the Bitcoin founder.

According to Todd, the HBO filmmaker used the Satoshi accusation to market his documentary, saying the director needed “a way to get attention for his film.”

Todd slammed the film’s director for exaggerating the evidence and stirring conspiracy thinking about the Bitcoin founder. He explained that he could never be Satoshi because, during the early days of Bitcoin, he was preoccupied with school and work.

Moreover, Todd claimed he did not know the focus of the documentary while it was in development, adding that he only became aware of its content when it was aired.

The Bitcoin Documentary

On October 8, HBO aired a documentary which claimed to unmask the real identity of Satoshi, the Bitcoin creator, who eluded everyone for so many years.

The documentary entitled “Money Electric: The Bitcoin Mystery” showed the results of the three-year investigation conducted by filmmaker Cullen Hoback. The film’s director claimed he had successfully uncovered Satoshi’s identity.

The documentary presented proof that pinpointed Todd as the elusive founder of the popular cryptocurrency. An allegation that Todd continues to refute, saying he was misrepresented in the film.

Todd Goes Into Hiding

After the airing of the two-hour documentary, Todd decided to go into hiding, fearing that his personal safety had been compromised by the film.

He said in an interview that he received tons of emails from some people asking him for money. He added there was even an individual who sent him 25 email messages asking for assistance in loan repayment.

Todd now understands why the real Satoshi wants to remain anonymous, considering the volume of harassment the Bitcoin creator will receive.

The Search Continues

With Todd debunking that he is the Bitcoin founder, the search for the identity of Satoshi will live on and will continue to be the subject of speculation.

Over the years, numerous individuals have been identified as the Bitcoin creator, putting them in the public eye which usually led to undesirable repercussions such as intrusion into their private lives.

Featured image from HBO, chart from TradingView