30s Summary

The difficulty of mining Bitcoin has increased by 378% over the last three years due to large companies investing heavily in mining. Ki Young Ju, of CryptoQuant, suggests this could make Bitcoin a more stable currency by 2030. Ju predicts big tech companies will push the use of stablecoins into the mainstream in the next three years, and by 2028 people will consider using Bitcoin like regular currency. Experts believe the $65,000 mark is critical for Bitcoin’s price, and maintaining this level without dipping could suggest a continued upward trend.

Full Article

The difficulty of mining Bitcoin has seriously skyrocketed over the last three years, with a whopping 378% increase. This is all thanks to big companies investing heavily into massive mining efforts.

Because of this, getting into mining as an individual has become really tough, with a lot more competition now. Sounds scary, right? But according to Ki Young Ju, the big boss at CryptoQuant, it might actually be a good thing for Bitcoin.

Here’s why: Ju suggests that this hike in mining difficulty is a sign that Bitcoin could become a much more stable currency by 2030. With more big institutions getting involved, he thinks it might help to smooth out the normally volatile world of cryptocurrency.

Historically, Bitcoin and other cryptocurrencies have been really unpredictable, more like a gamble than a safe bet. But as these heavy-hitting investors get more involved and make mining tougher, Ju reckons it might actually make the Bitcoin world more stable.

In a social media post, Ju said he expects big financial tech companies to push the use of stablecoins into the mainstream within the next three years. He thinks that by the next time the Bitcoin supply is cut in half in 2028, people will seriously be considering using Bitcoin like a regular currency.

Other things like the Lightning Network have been suggested as solutions to Bitcoin’s scalability problems. But they’ve not been adopted as quickly as venture capital-backed blockchains. Ju feels the support of big institutions is crucial for these second-layer solutions to work, especially with alternatives like Wrapped Bitcoin around, which aims to include Bitcoins in different systems without the hassle of using a second-layer infrastructure.

Also, in case you’re watching the Bitcoin price, experts are suggesting the $65,000 price level is now seriously critical for Bitcoin, after it recently hit $69,000 for the first time since summer. If Bitcoin can stay above the 21-week moving average without dipping, it could mean the recent upward trend is here to stay. So it’ll be exciting to see how Bitcoin performs over the next few weeks, especially with people starting to expect a new all-time high before we ring in the new year.

Source: Cointelegraph