Blockchain & Crypto

Crypto Users to Near 1B in 2024: Forecast

Given bullish market trends maintained their dominance in the near future, the number of crypto users could reach between 850 and 950 million in 2024, analysts predict.

Crypto Users to Near 1B in 2024: Forecast

Analysts from the crypto exchange Bitfinex published a report stating that the number of crypto users globally could grow to between 850 and 950 million in 2024, almost twofold compared to 575 million as of Dec. 1, 2023.

Throughout 2023, Bitfinex analysts registered over 140 million new crypto users. However, experts believe that 2024 would bring more significant results if current bullish market conditions continued through the next year.

The report states that such estimations reflect “the increasing global interest in and acceptance of cryptocurrencies.” Besides, analysts mention that institutional investment activities continue to grow within the crypto space, further promoting crypto adoption. In their opinion, much-anticipated spot Bitcoin ETFs could accelerate crypto investments so that the market could surpass the predicted inflows.

Most crypto experts believe that spot Bitcoin ETF approval could arrive as soon as Q1 2024. In early December, Bitcoin exceeded $41,000 for the first time in 19 months, reflecting the wider crypto market growth spurred by ETF expectations and bets on the dovish Fed.

Today, Bitcoin is trading even higher – at $43.7K, attracting more and more investors. The pioneer crypto is close to becoming one of the best-performing assets of 2023, growing more than 160% throughout the year and outperforming all major traditional assets.

Among the main regions where the number of crypto users is expected to grow most vividly, there are El Salvador and Argentina.

El Salvador is uniquely positioned for the crypto adoption surge, having declared Bitcoin a legal tender in 2021. This country has introduced numerous initiatives to promote crypto use nationwide. These range from Bitcoin bonds to Bitcoin mining parks and Bitcoin Freedom Visa – a citizenship-by-donation program. Bitfinex predicts that, in 2024, the El Salvador government will intensify its efforts to bolster the infrastructure that supports Bitcoin transactions and increase public awareness and education about Bitcoin.

Meanwhile, in Argentina, where inflation reached all-time high levels in the middle of 2023, decentralized assets like Bitcoin might become a way for the citizens to maintain some financial stability and hedge their budget against currency devaluation and inflation.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.