Is Bitcoin the New Facebook? Analyst Thinks So!

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Ah, dear reader, let us delve into the peculiar musings of Bloomberg’s own oracle of finance, Eric Balchunas. He postulates, with the fervor of a man who has seen too many spreadsheets, that Bitcoin (BTC) has gallantly trotted into the very phase that saw Facebook leap from a modest 1 billion users to a staggering 3 billion.

In this whimsical comparison, we see BTC shedding its once rebellious skin, not as a sign of decline, mind you, but rather as a mark of maturation, much like a fine wine left to breathe-albeit one that has come to be adored by all the wrong people. It appears that spot Exchange-Traded Funds (ETFs) are the secret ingredient, the alchemists’ magic, transforming the digital gold from a countercultural darling to a mainstream crowd-pleaser.

ETF Expert Deems Bitcoin Like Facebook’s “Uncool” Phase-Is He Bullish or Just Bored?

Balchunas, in his infinite wisdom-or perhaps just a momentary lapse of sanity-draws parallels between Bitcoin’s current predicament and the time when our elders began invading Facebook, armed with photos of their cats and unsolicited advice.

“Bitcoin right now feels akin to the moment when your parents decided to join Facebook. Sure, it lost its ‘cool’ appeal with the Boomers at the helm, yet, behold! During this very dull period, Facebook’s user base ballooned from a mere 1 billion to 3 billion souls, so…” wrote Balchunas, undoubtedly chuckling to himself.

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According to the ancient scrolls of Meta, Facebook achieved the monumental feat of 1 billion active users back in 2012. By the close of 2023, that number swelled to an impressive 3.07 billion. Who knew that mediocrity could be so lucrative?

Even as year-over-year growth rates plummeted below the thrilling threshold of 10% post-2013, the absolute user base seemed to triple during this period of soul-crushing boredom. Truly, a lesson in resilience!

The Numbers Behind the Analogy-Or Lack Thereof

In his quest for enlightenment, Balchunas beseeched the heavens for hard data regarding Bitcoin holders over the past 3, 5, and 10 years. He gleefully noted that BlackRock reported nearly 1 million inquisitive souls had purchased its iShares Bitcoin Trust (IBIT) in merely its inaugural year.

“I would relish the opportunity to gaze upon numbers detailing the current Bitcoin holder count (including ETF enthusiasts) versus three, five, and ten years ago. BlackRock mentioned 1 million new IBIT buyers in the first year. If we tally all the new ETF converts, subtracting the few who disappeared into the ether…”

– Eric Balchunas (@EricBalchunas) March 29, 2026

Current estimations suggest that the global Bitcoin holder population hovers around 106 million, a significant leap from a mere 30 to 50 million in 2021. What a delightful surprise!

IBIT now boasts a princely reserve of 782,180 BTC, representing about 3.9% of the grand total. Ah, the wonders of modern finance!

Meanwhile, a gaggle of macro analysts cackle in their corners, declaring Bitcoin’s demise with such glee, yet in reality, it appears to be just warming up for its grand debut.

“It’s amusing, really, as we hear countless no-coiners proclaiming Bitcoin is dead, that interest has waned

…yet, lo and behold, it’s merely gearing up for its grand adventure.”

– LondonCryptoClub (@LDNCryptoClub) March 29, 2026

As an asset transitions from identity-driven allure to attracting passive capital, it often signifies the beginning of its most prodigious growth phase rather than its somber end. Such drama!

Can Bitcoin’s legion of holders mimic Facebook’s meteoric rise from 1 billion to 3 billion? The signs, following the sacred approval of ETFs, seem to point toward a delightful possibility.

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2026-03-29 20:45