Bitcoin's inevitable adoption: A matter of time, says futurist
11/14/2024 07:33A massive wave of Bitcoin adoption could reshape markets as millions embrace cryptocurrency worldwide.
Bitcoin's future may hinge not only on institutional investments and big ETFs but also on the gradual adoption by millions worldwide, suggests Roundtable anchor Rob Nelson. In a conversation with Armando Pantoja, Futurist and Founder of Quant Index, Nelson explored how everyday people embracing bitcoin could significantly impact its price trajectory.
"Is it not likely that as one of the sort of maybe unfactored in things in the bitcoin prices," Nelson asked. "What about the actual gradual wave of people who simply will start adopting this because it makes sense to them?" He emphasized that millions globally adopting bitcoin could push its price even further.
Armando Pantoja responded by highlighting historical patterns in technology adoption. "As a futurist, I do a lot of research in the history of technologies," he said. "A tech can come and regardless of how disruptive it is... there's always going to be some type of resistance." Pantoja noted that adoption often happens slower than anticipated, sometimes taking decades.
He provided examples like the telephone and the internet. "The telephone took, I think, 75 years before over 50% of people had a telephone in their house," Pantoja explained. Even with the internet, "It took 20 years before we were using it every day on our phones and through apps." He also mentioned Mark Cuban's early venture into online radio, which failed because "People weren't ready for it."
Despite the slow pace, Pantoja remains optimistic about bitcoin's future. "Eventually, people will realize that it's better, and then naturally they'll just flow to it," he asserted. "It's just a matter of time... over time people will start to see a better path and they'll just gravitate naturally towards bitcoin."