A recent study by River Financial Inc. suggests that Bitcoin adoption is still in the early stages and has not yet reached its full potential. The study compares the current adoption level of Bitcoin to that of the Internet in 1990 or social media in 2005. While some countries like China and Venezuela have prohibitive crypto policies, others are embracing Bitcoin with crypto-friendly regulations. The study also highlights the growing number of changes being made to the Bitcoin code and the involvement of entities in its development and funding. Bitcoin is seen more as a store of value than a means of everyday payment, with the average transaction value in 2024 being $17.8k. The study also discusses the market capitalization of Bitcoin and the role of Bitcoin ETFs and businesses in driving its price. The report emphasizes the need for increasing the acceptance of Bitcoin by merchants and the growth of the Lightning Network. Bitcoin custody has matured, with a decrease in the share of bitcoins held on exchanges. The study shows a decrease in the number of bitcoins lost to hacks or other reasons, and the increasing number of active developers and nodes in the Bitcoin network. However, concerns are raised about the centralization of mining pool distribution, with a few companies dominating the hashrate production.



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