Morgan Stanley analyst predicts that demand for Bitcoin will increase in the next 10 years

According to BlockBeats, on September 17th, JPMorgan analysts released a report stating that "as Bitcoin continues to become mainstream, electricity demand will increase. Bitcoin is not the only cryptocurrency that requires a mining process, but it is the largest in scale. Bitcoin is the largest Proof of Work (PoW) protocol to date. From a fundamental perspective, we believe that the demand and participation in Bitcoin will increase rather than decrease in the next 10 years; Therefore, Bitcoin mining will become increasingly competitive, accompanied by a higher demand for electricity as miners work harder to earn rewards. In addition, the supply of Bitcoin is fixed (21 million coins), which further intensifies competition among miners as it approaches the maximum mining opportunity (all Bitcoin has been mined and is in circulation). Finally, we believe that the normalization of asset allocation towards Bitcoin and the widespread participation of US spot Bitcoin ETFs will drive most of the incremental demand in the short term. Similar to the viewpoint we mentioned above, we believe that natural gas is a reasonable source of electricity for miners to meet this incremental energy consumption. Many miners are directly connected to the power grid, and natural gas can easily serve them. Similarly, due to its relatively good environmental impact, lower price, and higher reliability, we believe that natural gas is a reasonable source of power supply for Bitcoin mining equipment (i.e. computers) that prioritize continuous operation time. Taking Texas as an example, due to its status as one of the most popular large-scale Bitcoin mining states in the United States, natural gas is the state's primary source of energy, accounting for approximately 43% of all energy consumption in 2022, according to Texas data. We believe that these data are complementary to our view that natural gas is a natural choice for electricity supply to Bitcoin miners