Network activity on the Bitcoin blockchain is also at the core of the Metcalfe model used by Timothy Peterson of Cane Island Alternative advisors. According to his model, Bitcoin’s Metcalfe value currently stands at $12k and is the lowest price forward based on activity on the BTC network.
Mr. Peterson shared this value of Bitcoin via the following Tweet and also emphasized the importance of adoption in determining the current and future value of BTC.
Today is #bitcoin 12K day. Assuming adoption continues as it has for the past 10 years, the lowest price forward for bitcoin from today is $12,000. https://t.co/gJjWzwJxT6
— Timothy Peterson (@nsquaredcrypto) November 30, 2020
- The month of November saw 19.6 million active Bitcoin addresses
- This amount is Bitcoin’s third-highest in its history
- A higher number of active Bitcoin addresses was only witnessed in December 2017 and January 2018
- Such a high number of active addresses points towards increased adoption of Bitcoin
- High network activity on the Bitcoin blockchain is a confirmation of a bull season for BTC
The number of active Bitcoin addresses in the month of November 2020 hit a high of 19.6 million. According to on-chain metrics from the team at Glassnode, this number of active Bitcoin addresses is the third-highest value in BTC’s history. Higher active addresses were only witnessed in December 2017 and January 2018. The team at Glassnode further providing the following chart to visually demonstrate this fact.
Bitcoin Adoption is Growing and 30% of World Population Could Own BTC
The increased number of active Bitcoin addresses in the month of November is a confirmation that BTC is continually being used for regular financial transactions and as a store of value. Veteran Bitcoin analyst, Willy Woo, estimates that if the current adoption rate continues, 30% of the world’s population will own Bitcoin in 4 years.
Mr. Woo shared his prediction of Bitcoin’s adoption via the following statement.
Surprising fact: Assuming Bitcoin adoption rate continues its present 2.2x per year “Moore’s Law” of growth (which it has for 10 years so far), then 30% of the world population will own Bitcoin in 4 years time.