The user base and market cap of bitcoin are larger than most fiat currencies of small countries in Central America, Africa and Europe. The next step for bitcoin is to surpass the market cap of reserve currencies, to establish itself as the global currency used by mainstream users and general consumers.
The truth is, bitcoin as a technology is not capable of surpassing the value or user base of reserve currencies as of yet. Various scaling issues have to be addressed and solutions must be implemented. One of these solutions is Bitcoin Core’s Segregated Witness. If both the on-chain capacity and two-layer solutions of bitcoin are expanded and improved, bitcoin will be able to compete with larger fiat and reserve currencies of the world.
Still, the bitcoin network has demonstrated a significant rate of growth in terms of market cap and user base. Most notably, Blockchain, a popular bitcoin wallet platform, recorded over 6 million new users in the past 12 months. Other competing wallet platforms such as Coinbase have also shown a rapid growth rate, with the Coinbase wallet platform serving over 6 million users.