Crypto User Base Predicted to Approach 1 Billion by 2024 Amid Bullish Market Conditions
Summary:
Despite facing difficulties in 2023, positive projections suggest a significant growth in the cryptocurrency industry with the number of users anticipated to near one billion by 2024. A recent report by crypto exchange, Bitfinex, sets the stage for this growth prediction, revealing an increase from 432 million crypto owners at the start of the year to 575 million by December 1. Future expansion hinges on favourable market conditions, with Bitfinex and statistics site Statista predicting numbers of global crypto users to reach between 850 and 950 million, and about 833 million by 2024, respectively. Suggestions of regulatory approval for a Bitcoin ETF add to the anticipation of growth in the crypto market, with potential leaps in investment activity and a boost to Bitcoin's value.
Despite facing challenges in 2023, the cryptocurrency industry is forecasted to expand steadily, with user numbers projected to approach one billion by 2024, according to market analysts. A recent report by Bitfinex, a leading cryptocurrency exchange, showed that as of December 1, the number of cryptocurrency owners worldwide had increased to 575 million, a significant climb from 432 million at the beginning of the year.
Based on these statistics, Bitfinex experts predicted that, subject to favourable market trends, the global number of crypto users could rise between 850 and 950 million. This forecast highlights the mounting global interest in and acceptance of cryptocurrencies.
The Bitfinex report also emphasized the continued expansion of investment activities in the cryptocurrency realm. The analysts pointed out that if regulators approve a Bitcoin exchange-traded fund (ETF), this could trigger market growth, surpassing anticipated inflows, according to investor charts.
Speaking on CNBC on December 20, Grayscale's CEO Michael Sonnenshein suggested that the approval of a Bitcoin ETF would likely boost Bitcoin's value, helping it penetrate the lucrative advice market in the US, estimated at around $30 trillion.
Aside from Bitfinex, statistical site Statista also projected potential growth in the user numbers of cryptocurrencies. Statista predicted this number could reach approximately 833 million by 2024, potentially swelling to nearly 992 million by 2028.
In another projection, William Clemente III, a renowned cryptocurrency analyst, hinted that Bitcoin's value could hit six figures by the close of 2024.
Published At
12/22/2023 2:08:49 PM
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