Despite the challenges faced by the cryptocurrency market in 2023, industry analysts are maintaining an optimistic outlook, with some even predicting that the number of crypto users will approach one billion by 2024.
Bitfinex, a prominent cryptocurrency exchange, recently published a report indicating that by December 1, 2023, the global count of cryptocurrency owners had surged to 575 million, a significant increase from the 432 million recorded at the beginning of the same year.
Encouragingly, Bitfinex analysts suggested that this number could escalate even further, potentially reaching between 850 and 950 million.
Their projection hinges on the continuation of the current bullish market trends into 2024.
In their report, they stated, “Looking ahead to 2024, and contingent upon market conditions, we anticipate that the number of global cryptocurrency owners could escalate to between 850 and 950 million.
This projection underscores the increasing global interest in and acceptance of cryptocurrencies.”
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Moreover, Bitfinex analysts pointed out that investment activities within the crypto space are also on the rise.
They emphasized the potential impact of the approval of a spot Bitcoin exchange-traded fund (ETF) on market growth, suggesting that it could surpass the expected inflows as indicated by market charts.
In a separate interview with CNBC on December 20, Grayscale CEO Michael Sonnenshein added his voice to the chorus of optimism regarding cryptocurrency adoption.
He mentioned that the approval of a spot Bitcoin ETF could significantly boost Bitcoin’s adoption, potentially opening the door to the vast U.S. “advise market,” which is valued at approximately $30 trillion.
Statista, a prominent statistics website, also has its own projections for the growth of the crypto user base.
According to Statista, the number of cryptocurrency users may surge to nearly 833 million by 2024 and could approach approximately 992 million by 2028.
These projections further underline the positive sentiment surrounding the future of cryptocurrencies and their adoption on a global scale.
In summary, despite the challenges faced by the cryptocurrency market in 2023, industry experts and analysts are expressing a high degree of optimism, foreseeing a significant expansion in the number of crypto users, driven by increasing interest and acceptance of cryptocurrencies worldwide.
