Bitcoin is said to be the new ‘Apple’ as its price may soar to $60,000 by 2023. Smartphones have become household now, their growth over the first two years of this industry averaged a mere 20% per year. Over the subsequent five years, a 50% growth rate indicated that the technology had moved a much wider group of users, according to a CoinTelegraph report.
Apple’s iPhone was launched in June 2007, selling over 300,000 units in the first weekend, while the iPhone 3G came one year later and set a record of 1 million units sold in its debut weekend, the report added.
Apple shares underperformed the S&P 500 by 29.5% in the first quarter of 2008.
Data from ComScore shows that in 2008 the U.S. smartphone penetration was struggling to reach the 10% mark. Consumers were indisputably at the ‘early adopters’ phase, so investors had reasons to doubt optimistic expectations even if they were coming from reputable investment firms.
According to a poll, 11% of Americans own Bitcoin which is the same level as smartphone penetration in December 2008. It is said that similar trends can be found in the price volatility and the correlation between Bitcoin and the S&P 500.
Bitcoin can be deemed an innovative technology with indisputable advantages over traditional financial instruments and gold itself, it has yet to prove its trillion-dollar potential. Changing human patterns, and more importantly, beliefs, is a herculean task.
The definition of money has been deeply engraved in society by fiat systems which are dependent on intermediaries. Furthermore, ‘money’ is frequently subject to the erratic control of governments and central banks. Bitcoin may undergo a metamorphosis of sorts to reach an early majority of pragmatists.
It’s possible that it was a combination of each of these product offerings and milestones, which allowed Apple to bypass the chasm.