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Bitcoin analyst Willy Woo has presented a model that forecasts the cryptocurrency industry reaching its first billion users by the end of 2025.
On track for 1 BILLION crypto users by the end of 2025.
— Willy Woo (@woonomic) April 29, 2024
An extrapolation of many independent prior studies in this chart.
Binance estimates 65% of crypto users hold #Bitcoin pic.twitter.com/MBNc34PFuh
This prediction, detailed in a chart by Woo, represents a significant milestone in mainstream crypto adoption, indicating a potential major influx of capital and subsequent price appreciation for digital assets.
Current user trends and growth potential
The industry has witnessed a substantial increase in users, with the number of cryptocurrency owners jumping 34% to 580 million in 2023, according to a report from Crypto.com released in January 2024.
The same report draws parallels between the internet’s adoption curve and the current trajectory of cryptocurrency adoption, suggesting sustained growth could replicate the explosive user expansion experienced by the internet.
However, despite these optimistic projections, reaching one billion users by 2025 would require a 72% increase from the current figures—a growth rate that significantly outpaces that of 2023.
Challenges and insights from industry analysts
Consulting giant BCG notes that crypto adoption is still in its early stages, with only 0.3% of individual wealth invested in cryptocurrencies compared to 25% in global equities.
This observation underscores the potential room for growth within the industry.
The Boston Consulting Group, in collaboration with Bitget and Foresight Ventures, offers a more conservative estimate, projecting that the cryptocurrency sector might hit the one billion user mark by 2030, reflecting the challenges and uncertainties inherent in such rapid expansion.
Bitcoin’s role in driving adoption
Significant developments, such as the proliferation of Bitcoin exchange-traded funds (ETFs), have been pivotal in increasing the user base, with Bitcoin holders growing by 33% from January to December 2023.
This growth has made Bitcoin owners account for 51% of all global crypto holders, indicating Bitcoin’s continued dominance and influence within the market.
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