Besides BTC prices, Bitcoin's adoption rates are crucial for its foundation as the currency of the future.
Tech companies including Apple, Tesla and Twitter continues to signal Bitcoin as the focus of innovation. Steve Wozniak, co-founder of Apple, believes that cryptocurrency holds great value:
“We’ve seen massive value destruction, but we’ve seen massive value creation. I had a lot of bitcoin, but never as an investor. I only had bitcoin to experiment with … and I still experiment with it on new bitcoin devices,” Wozniak said in a recent interview with Bloomberg.
Elon Musk, founder of Tesla and SpaceX, admired Bitcoin's technology:
"[Bitcoin’s structure is] quite brilliant, it bypasses currency controls … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure."
CEO of Twitter, Jack Dorsey, recently endorsed the launch of an in-browser tipping extension that allows Twitter users to send BTC tips via the Lightning Network:
“Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand,” he said in response to a question regarding why Bitcoin is the only cryptocurrency he owns.
In the past, we could never acknowledge credits as real money. Game credits, website tokens, credit card points, gift vouchers, accumulated air miles, etc were never real money. A mode of withdrawal or exchange to another form of currency do not exist. The system and infrastructure that stores and manages these 'tokens/points' do not have transparency or a trust system for added security.
However Bitcoin is changing that. For the first time, users can trust digital assets without the need of a bank or custodian. Blockchain's decentralised and trustless technology is challenging traditional financial institutions on their so-called 'trust' and 'security'.
Bitcoin's role in remittance gets stronger each day. Based on the latest report, Bitcoin's transaction volume has surpasssed the $1 trillion dollar mark, doubled of payment giant PayPal at $578 billion in transaction volume.
Cryptocurrency exchanges are on the rise, with 3.8 percent of the total Bitcoin supply sitting in the top 5 exchange wallets - approximately $4.2 billion in value. Once a target for hackers and the black market, Bitcoin is getting a facelift to become the world's leading digital currency.