Former Bloomberg analyst Jamie Coutts claimed that fundamental Blockchain analysis indicates significant progress towards mainstream adoption for cryptocurrencies, especially Bitcoin (BTC). Coutts also expressed his expectation for Bitcoin to reach a minimum of $100,000 by 2025.
Continued Progress in Mainstream Adoption
Known for his expertise in financial analytics, Jamie Coutts stated that cryptocurrencies have made notable progress towards mainstream adoption, citing Metcalfe’s Law, which relates the value of a network to the square of its connected users. Sharing his findings with followers on social media platform X, Coutts highlighted Bitcoin’s growing user base despite its recent sharp price movements. Coutts emphasizes Metcalfe’s Law as a fundamental principle for understanding the value of Blockchain networks.
According to data, throughout 2022 and 2023, there has been consistent growth in Bitcoin’s user base, even during periods of price decline. This trend, as Coutts suggests, indicates significant progress towards mainstream adoption of cryptocurrencies, as evidenced by the increasing number of participants in the ecosystem.
The former Bloomberg analyst pointed to fundamental metrics such as Daily Active Users (DAUs) for smart contract Blockchains, which have been reaching all-time highs and currently average 6.34 million over a 30-day period. Despite this increase in user activity, Coutts added that the total market value of these networks remains 40% below the peak levels observed in 2021. This inconsistency indicates significant growth potential in the cryptocurrency market and suggests that increased adoption is outpacing market valuations.
Anticipating a Minimum of $100,000 by End of 2024
In addition to his views on Blockchain adoption, Coutts made a bullish price prediction for Bitcoin. Referring to on-chain indicators such as the Market Value to Realized Value (MVRV) Z-score, he stated that Bitcoin could reach a minimum target of $100,000 by 2025. Coutts noted the potential for consistent growth in the value of the largest cryptocurrency by comparing its current performance to previous market cycles.
Coutts’ analysis comes at a time when there is positive market sentiment towards cryptocurrencies. Current data shows that Bitcoin is trading at $62,209, a 0.35% decrease over the last 24 hours, as this article was being prepared.
