As an analyst with a background in market research and data analysis, I find Willy Woo’s prediction of the cryptocurrency industry reaching its first billion users by the end of 2025 intriguing. Based on his comprehensive chart detailing the growth of crypto users, it seems that we are making significant strides towards this milestone.
According to Bitcoin analyst Willy Woo’s prediction, the cryptocurrency sector may surpass the milestone of having one billion users by the close of 2025.
Woo wrote, in an April 29 X post:
“On track for 1 BILLION crypto users by the end of 2025. An extrapolation of many independent prior studies in this chart. Binance estimates that 65% of crypto users hold Bitcoin.”
According to Daniel Batten, investor and author of the Bitcoin ESG Forecast, Woo’s chart represents a groundbreaking attempt to chart out all current crypto asset users and identify the initial billion-strong community of adopters. (Or, Woo’s chart is a pioneering effort to illustrate the current crypto asset user base and pinpoint the first billion members.)
“Incredible chart. The first view we’ve had of when we’ll cross the 1B threshold, with a full backtrace.”
In simpler terms, the diagram categorizes individuals who have undergone identity confirmation through Know Your Customer (KYC) process and have engaged in prior transactions using the blockchain as unique crypto users.
Achieving the first billion users in the cryptocurrency sphere is frequently viewed as a significant achievement, signaling increased acceptance and use of digital assets among the general public. This mass adoption brings with it a substantial infusion of financial resources, contributing to the growth and value of various crypto assets.
Can the industry reach 1 billion crypto users by 2025?
In the January 2024 report released by Crypto.com, it was revealed that the total count of cryptocurrency owners grew by approximately 34% to reach an estimated 580 million individuals in the year 2023.
In the span of a year between January and December 2023, the number of Bitcoin (BTC) owners saw a significant increase by approximately one-third, growing from 222 million to an impressive 296 million. This represents nearly half (51%) of the total global crypto holders. The growth was primarily driven by the advancements surrounding the Bitcoin exchange-traded funds (ETFs).
As a crypto investor, I’ve noticed that our platform currently boasts an impressive user base of 580 million. However, to reach the milestone of one billion users, we would need a substantial increase of approximately 72%. Given that last year’s growth rate was not as high as this figure, it seems uncertain that we will hit the one billion mark so soon.
According to a collaborative report published in 2022 by Boston Consulting Group, Bitget, and Foresight Ventures, it is projected that the first billion individuals will have adopted cryptocurrencies by the year 2030.
The report examines how the growth of the internet reaching one billion users correlates with the number of current cryptocurrency owners and active Ethereum accounts, assuming the present crypto adoption trend persists.
Based on BCG’s findings, the level of cryptocurrency adoption remains relatively low compared to other investment classes. Specifically, BCG reports that a mere 0.3% of personal wealth is allocated to cryptocurrencies, while a significantly larger 25% is dedicated to global equities.
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2024-04-29 15:27