Blockchain Adoption on Rise: Projections Spotlight 100 Million Users by 2028
Summary:
Bloomberg Intelligence analyst Jamie Coutts projects that if the current rate of blockchain adoption persists, it will engage 100 million daily users by 2028. Coutts compares this to PayPal, which took 13 years to reach the same number of daily users. He also estimates that the valuation of blockchain ecosystem could escalate from today's $350 billion to between $5 trillion to $14 trillion with 100 million users. Despite market downturns, the interest in blockchain continues, with a 5% growth seen in the crypto industry in 2022, and 91% of institutional investors keen on investing in tokenized assets.
With consistent adoption trends, it’s projected that blockchain technology could engage 100 million daily users by the year 2028, says Jamie Coutts, an analyst from Bloomberg Intelligence. On the social media platform, X, Coutts outlined that the assimilation of blockchain has persistently advanced through fluctuating market conditions in recent years. He insisted that missing out on one of the major structural movements of the upcoming decade could prove costly. The count of daily active addresses surged by 14% to exceed 5 million in 2023's third quarter compared to the prior year. The growth rate on a quarterly basis has maintained an average of 29% since 2019. Estimating a less aggressive rate of 20% quarterly growth might lead to 100 million daily users by 2028, reckons Coutts.
Comparing the adoption speed of blockchain to PayPal's growth, he revealed that it took 13 years for the fintech behemoth to clock 100 million daily users. Similar timeline might be followed by the blockchain for achieving the same level of adoption, starting from Ethereum’s inception as the frontrunner for smart contracts in 2015. Companies based on blockchain technology could see a rise in their valuation at the current pace of absorption. Value of the blockchain ecosystem could stand anywhere between $5 trillion to $14 trillion with 100 million users, a stark spike from the current $350 billion, according to Coutts.
Data support Coutts' predictions, signifying a persistent intrigue in blockchain technology. The crypto industry saw a 5% increase in progress in 2022, even amidst a market downturn. Also, a survey carried out by Celent in 2022 revealed a whopping 91% institutional investors keen on pouring capitals into tokenized assets that signify ownership of tangible and digital possessions through blockchain-based tokens. Coutts commented that although such simplistic extrapolations should never be solely trusted for valuation objectives, it denotes the close-knit relationship between users and prices. He expects as absorption progresses, prices for certain assets could spiral upwards.
Published At
11/4/2023 5:31:23 PM
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