Many crypto analysts predict nearly one billion global crypto users by 2024, driven by bullish market conditions and investment growth.
Experts predict a potential surge in the number of crypto users. Bitfinex, a cryptocurrency exchange, has put forth an optimistic forecast, suggesting that the global user count could skyrocket to an impressive range of 850 to 950 million by 2024. This projection comes amid a bullish trend in the market, which, if it persists, could catalyze this unprecedented growth.
In 2023, the cryptocurrency industry experienced its fair share of challenges. Despite these obstacles, the sector has shown remarkable resilience, with a steady increase in the number of cryptocurrency owners worldwide. Bitfinex’s report, dated December 1, revealed a significant leap from 432 million users at the beginning of the year to 575 million, indicating robust growth in the global crypto community.
Factors Contributing to More Users
The potential for further expansion in the cryptocurrency space is substantial. Key factors contributing to this growth include ongoing investment activities and the possibility of new financial products entering the market. The approval of a spot Bitcoin exchange-traded fund (ETF) is one such development that could significantly influence the market. Analysts suggest that the introduction of a Bitcoin ETF could attract substantial inflows, surpassing current market expectations.
Grayscale’s CEO Michael Sonnenshein, in a recent interview with CNBC, emphasized the transformative impact of a Bitcoin ETF approval. Such a development could pave the way for Bitcoin to tap into the substantial ‘advise market’ in the United States, valued at approximately $30 trillion.
The forecast for the crypto user base is not just limited to Bitfinex’s analysis. Statista, a renowned statistics portal, also envisions a bright future for crypto adoption. Their projections align closely with Bitfinex’s, estimating the number of crypto users to rise to around 833 million in 2024 and potentially reaching near 992 million by 2028.
