Bloomberg ETF analyst Eric Balchunas recently drew a parallel between Bitcoin’s current adoption stage and a key growth phase in Facebook’s history.
In a post on X formerly Twitter, Balchunas noted: Bitcoin right now feels like when your parents joined Facebook. On one hand, it’s not as ‘cool’ anymore because of the Boomers, but on the other hand, Facebook’s user base grew from like 1 billion to 3 billion people since the coolness factor went away. This comparison has been widely reported in crypto media over the past couple of days.
Balchunas points to the spot Bitcoin ETFs approved in early 2024 as the catalyst making Bitcoin more accessible to mainstream and older investors. This institutional and retail broadening via regulated products like BlackRock’s IBIT which reportedly attracted around 1 million buyers in its first year signals maturation.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
While it may reduce the edgy, countercultural appeal that attracted early crypto enthusiasts, it could drive much larger overall adoption—similar to how Facebook expanded dramatically after losing some of its youthful exclusivity. Facebook did indeed see massive growth: It hit roughly 1 billion monthly active users around 2012 and continued expanding to over 3 billion in later years as it became a utility for broader demographics, families, and older users.
The uncool shift didn’t halt growth; it coincided with mainstream normalization. Facebook’s growth was largely organic and network-driven. Bitcoin’s recent inflows are heavily institutional and capital-driven through ETFs, where authorized participants buy BTC to back shares.
On-chain metrics like unique active addresses haven’t shown the same explosive organic user surge as social media in its prime. Facebook’s user base grew rapidly in multiple phases from millions to hundreds of millions pre-1B, then further. Balchunas is specifically highlighting the post-1B mainstream/parents joining era as a bullish parallel for Bitcoin now.
Many early Bitcoin advocates value its decentralized, anti-establishment roots. Greater institutional involvement; ETFs, corporate treasuries, potential regulatory clarity can bring legitimacy and liquidity but also introduces more traditional finance dynamics, centralization risks, and potential for correlated market behavior. Bitcoin has followed S-curve adoption patterns seen in technologies like the internet.
Early phases were dominated by cypherpunks, tech enthusiasts, and high-risk retail; recent ETF-driven inflows and growing corporate interest mark a shift toward broader participation. Metrics like ETF flows, wallet growth among certain cohorts, and hash rate and security continue to show underlying strength, though price remains volatile and influenced by macro factors (interest rates, risk sentiment, geopolitics).
This Boomer phase idea is optimistic framing from a prominent ETF watcher, but it’s not a guarantee of tripled users or market cap and price. Adoption doesn’t always translate linearly to price, especially with Bitcoin’s fixed 21 million supply—value accrual depends on demand relative to scarcity, not just headcount. In short, Balchunas sees the loss of exclusivity as a feature, not a bug, for long-term scale.
It’s a thoughtful analogy that resonates with how many technologies go from niche to ubiquitous, but as with all such comparisons, the differences in tech, economics, and incentives matter. Bitcoin’s path will depend on continued utility as digital gold and store of value, real-world use cases, and global macro conditions rather than pure social virality.
