Bitcoin Surpasses 1997 Internet Users: Why This Signals Bullish Momentum

Introduced in 2009, the largest cryptocurrency globally likely boasts a user base surpassing that of the internet in 1997 by 2024. Consequently, this milestone could signify Bitcoin’s final cycle before complete adoption and hyper-bitcoinization.

A meme circulating on crypto Twitter recently highlighted that Bitcoin now boasts the same number of active users as the internet did in 1997. However, the truth is even more intriguing:

Today, Bitcoin likely boasts a significantly larger user base than the internet did when Amazon made its debut on Wall Street. This suggests that investors in Bitcoin may be approaching a critical juncture, with the window to capitalize on market returns driven by user adoption growth potentially narrowing.

The economic dynamics of this trade are both captivating and encouraging to investors. Even with the potential adoption of Bitcoin by billions more individuals, it’s crucial to remember that the supply of Bitcoin is capped at 21 million on the original Satoshi blockchain.

This scarcity factor likely contributes significantly to the remarkable surge in the market value of this digital asset.

In January, disclosed that there are approximately 580 million cryptocurrency users globally.

An annual survey conducted by consistently reveals that over three quarters of cryptocurrency owners claim ownership of Bitcoin. Thus, it’s estimated that there are around 435 million Bitcoin users in 2024.

Comparatively, in 1997, there were notably fewer than 140 million internet users. However, during that year, approximately 70 million individuals were online, coinciding with significant events such as the Miami Marlins’ World Series victory. Additionally, 1997 marked a pivotal year for the internet, notably highlighted by the IPO of Amazon at $18.

If you had invested $4,000 in Amazon shares during the dot-com boom of 1997, that investment would have ballooned to approximately $7.3 million by last year.

However, had you followed Warren Buffett’s advice and invested in the S&P 500, your $4,000 would have grown to around $20,800 by last year. Buffett has been vocal about his skepticism towards Bitcoin and cryptocurrencies, urging investors to stick to S&P 500 ETFs, which he believes offer better long-term returns.

In line with his preference for internet and computer businesses like Amazon (AMZN) and Apple (AAPL) shares, Buffett would likely caution investors to steer clear of other investment opportunities, such as Bitcoin and cryptocurrencies

Internet Computer (ICP) 2024 vs. Amazon 1997

Recently, on Friday, March 29, the Internet Computer reached a milestone, with its network token surpassing $17. As of Tuesday, its market capitalization has surged above $8.5 billion. This significant growth positions the Internet Computer’s decentralized cloud as a formidable competitor to Amazon’s cloud computing business, valued at a staggering $1.8 trillion.

According to a CNBC report, analysts speculate that the Internet Computer’s Marketplace could potentially generate revenue ranging from $1 billion to $2 billion. This figure is noteworthy as it represents approximately 3% of AWS’s total revenue for 2020. The Internet Computer distinguishes itself by hosting cloud services on its own network of devices, adhering to various ICP blockchain standards.

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