According to a recent analysis by Bitcoin analyst Willy Woo, the cryptocurrency industry could reach the one billion user milestone by the end of 2025. In a message On social media platform X on April 29, Woo presents a graph based on multiple independent studies that projects the growth in the number of crypto users. According to an estimate by Binance, about 65% of these users would own Bitcoin.
First chart of its kind shared
The chart, believed to be the first of its kind, is designed to provide a clear picture of the current number of crypto asset users and projected growth to the first billion. Daniel Batten, investor and author of the ‘Bitcoin ESG Forecast’, responded to Woo’s post by highlighting the importance of this visualization: “An incredible graph that shows for the first time when we will cross the 1 billion user mark.”
Crypto users are defined in the diagram as unique entities that have passed Know Your Customer (KYC) verification and previously transacted on the blockchain. This definition is crucial for understanding real growth in the crypto sector.
Despite Woo’s optimism, a January 2024 report from Crypto.com indicates that the number of crypto owners increased by 34% to 580 million in 2023, with the number of Bitcoin holders growing to 296 million, or 51% of all crypto holders. The introduction of Bitcoin Exchange-Traded Funds (ETFs) is seen as a key driver of this growth.
Still a large increase in users is needed
Still, it would take a 72% increase to grow from 580 million to one billion users, a growth rate significantly higher than last year. In fact, a 2022 joint report from Boston Consulting Group, Bitget, and Foresight Ventures suggests that the one billion user milestone won’t be reached until 2030, provided current adoption rates continue.
The Boston Consulting Group emphasizes that there is still “plenty of room to grow” in the crypto sector, with only 0.3% of individual wealth currently invested in crypto, compared to 25% in global equities. The future growth of cryptocurrency depends on several factors, including regulation, technological developments and broader economic conditions.
Source: https://newsbit.nl/cryptocurrency-industrie-potentieel-op-koers-om-1-miljard-gebruikers-te-bereiken-tegen-2025/
