Apr 29, 2024 at 10:16Bitcoin analyst Willy Woo forecasts that the cryptocurrency industry could achieve its first billion users by the close of 2025, a more accelerated timeline compared to previous projections.
Woo’s assessment, shared in a recent X post, consolidates various independent studies, with Binance’s estimate indicating that 65% of crypto users hold Bitcoin.
Daniel Batten, an investor and author of the Bitcoin ESG Forecast, hailed Woo’s chart as groundbreaking, providing a comprehensive model for tracking existing crypto users and predicting the arrival of the first billion adopters.
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In this model, crypto users are defined as unique entities that have undergone Know Your Customer (KYC) verification and have engaged in blockchain transactions previously.
Reaching the milestone of one billion crypto users signifies a crucial step toward mainstream adoption, potentially bringing a significant influx of capital into the market, thus impacting digital asset prices positively.
While the number of cryptocurrency owners surged by 34% to 580 million in 2023, according to a January 2024 report by Crypto.com, achieving the remaining 420 million users by 2025 would require a substantial 72% increase, an ambitious target considering the growth rate observed in 2023.
Contrary to Woo’s projection, a 2022 joint report by the Boston Consulting Group, Bitget, and Foresight Ventures suggests a more gradual trajectory, aiming to hit the one billion mark by 2030. This report underscores the potential for continued growth in crypto adoption, with significant room for expansion compared to other asset classes.
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