A summary of an article recently published by The Bitcoin Way
Bitcoin’s journey is often described by its enthusiasts as being “still early,” suggesting that its true potential has not yet been realized. But in 2025, with Bitcoin having existed for 16 years, the price of one coin reaching over $85,000, and nations beginning to accumulate it, many wonder if the statement still holds weight. It’s easy to feel that Bitcoin is no longer in its early stages, especially when major financial institutions like BlackRock and Fidelity are promoting Bitcoin ETFs. For both long-time Bitcoin holders and newcomers, this contradiction can be frustrating. For veterans who’ve lived through Bitcoin’s growth, waiting for mainstream adoption feels exhausting, while newcomers are often dissuaded by Bitcoin’s high price, thinking they missed the opportunity.
However, the article argues that these feelings are based on a misunderstanding of Bitcoin’s true early stages. Price alone is not a reliable indicator of how early someone is to Bitcoin. Many individuals who first encountered Bitcoin years ago and didn’t buy are now filled with regret, seeing Bitcoin’s rise in price as proof they missed the chance to capitalize on it. The price of Bitcoin, though, is not an accurate reflection of the opportunity. Despite its high price tag, Bitcoin’s market cap of $1.5 trillion is a small fraction compared to global wealth. The global stock market, for example, is valued at over $100 trillion, and real estate at $300 trillion. So, Bitcoin’s current price is still minuscule in relation to its potential.
The article suggests that instead of focusing on Bitcoin’s price, we should look at the adoption and use of the Bitcoin network to understand how early we are. As of 2025, there are fewer than 328 million Bitcoin owners worldwide. This sounds like a significant number, but when compared to the global population of 8.2 billion, it represents less than 4% of people. If you own any Bitcoin, you’re part of the first 4% of adopters worldwide, which is still a relatively small group.
Looking further into Bitcoin adoption, the article highlights that while many people own Bitcoin, only a fraction of them hold it in self-custody and interact directly with the network. This is evident in the number of unspent transaction outputs (UTXOs) on the Bitcoin network. As of now, there are around 170 million UTXOs. Since many Bitcoin holders use exchanges or have multiple UTXOs in their wallets, the actual number of people who control their own Bitcoin could be far fewer. Conservative estimates suggest that no more than 34 million people hold Bitcoin in self-custody, meaning they are the true, active participants in the Bitcoin ecosystem.
Taking this further, the article notes that among those who self-custody their Bitcoin, only a small percentage run their own full Bitcoin nodes, which are required to validate transactions and contribute to the network’s decentralization. Current estimates show that there are only 90,000 Bitcoin nodes globally. This indicates that out of 8.2 billion people, fewer than 0.0011% are actively participating in Bitcoin’s infrastructure, running nodes, and validating the network. This ultra-small percentage of individuals who control their Bitcoin, run nodes, and understand Bitcoin’s deeper technical aspects are part of an elite group.
The true “elite” Bitcoiners are even rarer, with only a few individuals taking steps to ensure privacy and security in their Bitcoin transactions. These include practices such as secure air-gapped transactions, using privacy-enhancing tools like Payjoins, and employing de-Googled phones and open-source VPNs for added security. The vast majority of Bitcoin holders do not engage in these practices, making the truly knowledgeable Bitcoin community even smaller.
Given these figures, it’s clear that the number of individuals who truly understand and interact with Bitcoin is still minuscule. Despite the massive price rise, the overwhelming majority of people have yet to fully grasp Bitcoin’s potential. In this context, the idea that we are still early to Bitcoin holds strong validity.
The article concludes by encouraging readers to continue learning about Bitcoin and mastering its advanced features, such as self-custody and digital security. While the majority of people are still uninformed about Bitcoin’s true capabilities, those who make the effort to educate themselves are joining a select group of elite Bitcoiners. This opportunity, though it may seem late to some, is still in its early stages when considering Bitcoin’s global potential.
In essence, Bitcoin’s journey is far from over, and the real “early days” are just beginning for those who are committed to fully understanding and utilizing the network.