Crypto Industry On Track for One Billion Users by 2025, Predicts Analyst
Summary:
Cryptocurrency analyst, Willy Woo, predicts that by the end of 2025, the digital currency industry could see its first billion users. This prediction relies on unique entities that have completed Know Your Customer verification and have previous blockchain transactions. Despite the substantial growth in recent years, reaching one billion crypto users by 2025 might be ambitious, as current users would need to increase by 72%. However, achieving that milestone would be a critical step towards mainstream crypto adoption.
According to digital currency analyst, Willy Woo, by the close of 2025, the world could witness its first billion users of cryptocurrency. In an online post dated April 29, Woo stated that the world was on course for its inaugural billion cryptocurrency users within the next four years, basing his computations on several previous independent studies. The chart that highlighted these details was the first of its kind with a comprehensive model to project the total number of cryptocurrency users, said investor and author Daniel Batten in response to Woo's post.
Cryptocurrency users are defined in this chart as distinct individuals who have gone through Know Your Customer (KYC) scrutiny and have a past transaction history on the blockchain. The one billion mark for cryptocurrency users is generally seen as a significant point in mainstream cryptocurrency acceptance. The arrival of new adopters and their capital contribution is crucial to the valuation growth of digital currencies.
In a 2024 report by Crypto.com, it was found that the number of proprietors of cryptographic currencies had gone up by 34% to 580 million in 2023. Similarly, Bitcoin owners recorded a growth of 33%, moving from 222 million to 296 million within a year, thereby covering 51% of the global cryptocurrency holders. The growth in user numbers was primarily attributed to the evolution around Bitcoin ETFs.
Although, to reach the goal of the first billion users, the present 580 million users would have to witness a growth by 72%, a number somewhat improbable based on the growth patterns of the last year. A collaborative report from 2022 by the Boston Consulting Group, the biggest management consulting firm globally, alongside Bitget and Foresight Ventures, projected that the first billion cryptocurrency users would be probable only by 2030.
In a resemblance to the adoption fen of the internet for reaching the one billion user mark, the report weighed the current cryptocurrency holders against Ethereum addresses with non-zero balances. As maintained by the BCG, crypto adoption is yet to grab the limelight with ample opportunities for expansion. Though the firm held that only 0.3% of personal wealth is engaged in cryptocurrencies, it stands in contrast to the 25% investment in global equities.
Published At
4/29/2024 3:19:46 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.