Bloomberg ETF analyst Eric Balchunas argues that Bitcoin (BTC) has entered the same adoption phase that took Facebook from 1 billion to 3 billion users.
The comparison frames BTC’s loss of countercultural appeal as a sign of maturation, not decline, with spot Exchange-Traded Funds (ETFs) acting as the catalyst for mainstream entry.
ETF Expert Likens Bitcoin to Facebook’s “Uncool” Phase, Bullish?
Balchunas, Bloomberg Intelligence’s senior ETF analyst and co-host of the Trillions podcast, compares Bitcoin’s current moment to when older generations flooded Facebook.
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Facebook hit 1 billion monthly active users in 2012, according to Meta data. By the end of 2023, that figure reached 3.07 billion.
Year-over-year growth rates collapsed below 10% after 2013, yet the absolute user base nearly tripled during that “boring” stretch.
Statista chart showing Facebook MAU growth from 2011 to 2023 alongside declining YoY growth rates, Source: StatistaThe Numbers Behind the Analogy
Balchunas also asked for hard data on Bitcoin holder growth over 3, 5, and 10 years. He noted that BlackRock reported roughly 1 million people bought its iShares Bitcoin Trust (IBIT) in the fund’s first year alone.
Current estimates place the number of global Bitcoin holders at approximately 106 million, up from a range of 30 to 50 million in 2021.
IBIT now holds 782,180 BTC, representing about 3.9% of the total supply.
BlackRock IBIT BTC Holdings. Source: BlackRockMeanwhile, some macro analysts note that no-coiners keep declaring Bitcoin dead, yet really, it’s just getting started.
When an asset loses its identity-driven appeal and attracts broad, passive capital, that transition often marks the start of its largest growth phase, not the end.
Can Bitcoin’s holder base follow Facebook’s trajectory from 1 billion toward 3 billion? The directional trend since ETF approval points in that direction.
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The post Analyst Says Bitcoin Just Hit the Phase That Tripled Facebook’s User Base appeared first on BeInCrypto.
Source: https://beincrypto.com/bitcoin-facebook-uncool-phase-bullish/
