Despite facing significant challenges in 2023, the crypto industry is set for steady expansion, with the number of cryptocurrency owners projected to approach one billion by 2024, according to market analysts.
A recent report by Bitfinex, a leading cryptocurrency exchange, revealed that the number of cryptocurrency owners worldwide had surged to 575 million as of December 1. This represents a substantial increase from the 432 million recorded at the start of the year.
Given these statistics, Bitfinex experts anticipate that subject to favorable market trends, the global number of crypto users could rise to between 850 and 950 million. This forecast underscores the growing global interest in and acceptance of cryptocurrencies.
The Bitfinex report also highlighted the continued expansion of investment activities in the cryptocurrency sector. Analysts noted that the approval of a Bitcoin exchange-traded fund (ETF) by regulators could catalyze market growth, surpassing anticipated inflows, according to investor charts.
Bitcoin ETF Approval: A Catalyst for Cryptocurrency Ownership
Grayscale’s CEO, Michael Sonnenshein, speaking on CNBC on December 20, suggested that the approval of a Bitcoin ETF would likely enhance Bitcoin’s value, enabling it to penetrate the lucrative advice market in the US, estimated at around $30 trillion.
In another projection, renowned cryptocurrency analyst William Clemente III hinted that Bitcoin’s value could hit six figures by the close of 2024. This prediction further emphasizes the potential for significant growth in the cryptocurrency market in the coming years.
In addition to Bitfinex, the data analysis website Statista has also made predictions regarding the expansion of the cryptocurrency user base. Statista’s projections suggest that the global count of cryptocurrency users could escalate to close to 833 million by the year 2024, and further increase to approximately 992 million by 2028.
In conclusion, despite the hurdles faced in 2023, the cryptocurrency industry is poised for robust growth. Analysts predict a surge in global crypto users, potentially reaching nearly one billion by 2024. Bitfinex’s report indicates a significant rise in crypto ownership, with favorable market conditions likely to further boost these numbers.