fbpx
  • About Us
  • Contact
  • Sponsored Content
  • Price Tracker
  • Write for Us
  • Terms and Conditions
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
SUBSCRIBE
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Global crypto users to reach 1 billion by end of 2022 – Report

Global crypto users to reach 1 billion by end of 2022 – Report

George Chen by George Chen
July 1, 2022
in Markets
user growth
Share on FacebookShare on Twitter

You might also like

Top ZK Rollup Projects Early 2023: A Curated List

Chinese Coins Gains Double-Digit As $92 Billion Injected Into Market

Stablecoin War Intensified Amid Regulatory Crackdown

One billion users by 2023

Crypto.com recently released a report that predicted that the total number of crypto users by the end of 2022 could reach one billion.

This report titled “2021 Crypto Market Sizing Report & 2022 Forecast” was based on a formula that factors deposits, addresses, exchange addresses, addresses per user, and the total market share. While this is some much-needed promising news after weeks of being in the red, there’s no doubt that the claim of a ten-digit user base has raised eyebrows.

The specifics about the report

Before we get into the thoughts of the two sides of the community, let’s first explore what the report entails. For starters, their prediction was heavily contingent on developing nations following El Salvador’s footsteps.

In terms of numbers, we can see highly positive growth over the past several years, with the total amount of crypto owners almost tripling within 2021, from 106 million users to 295 million users. “If we extrapolate a similar rate of increase in 2022, we are on track to reach one billion crypto users by the end of 2022,” the report said.

crypto growth adoption chart

Source: Coin News, Crypto.com

However, given the 50% market price retrenchment from November’s peak, the question remains: is 1 billion crypto users really still plausible?

Talk about the positive stance

As mentioned before, we saw the global crypto population nearly triple in 2021 which lays the foundation behind Crypto.com’s prediction. Nigel Green (CEO of the deVere Group) agrees wholeheartedly with this estimate, stating the following in an interview:

“There is every reason to believe this could be true, due to a snowball effect of mass adoption and increasing understanding of and interest in digital currencies. It comes down to demographics. Younger people are more likely to embrace crypto than older generations, and we’re coming into the Great Transfer of Wealth. This is where Baby Boomers will transfer an estimated $40 trillion–$68 trillion to Millennials.”

The projections are also supported by Fidelity analysts, who agree on nation-state adoption whereby more countries follow El Salvador’s example to adopt BTC in 2022. In fact, we’ve already seen this happening to a smaller with Rio de Janeiro’s plans to put 1% of their treasury into Bitcoin.

In Summary

While there’s plenty of great arguments for the case of crypto reaching 1 billion users, there’s also many arguments against the notion that are equally reasonable:

  • Throughout January 2022, Bitcoin and Ethereum have seen sharp crashes more than once. Just over a week ago, Bitcoin saw a drop that brought the market down by 42%;
  • Cryptocurrencies aren’t yet legal in many places, which is no doubt a hurdle when it comes to a goal of a billion adopters;
  • Russia and Indonesia are looking to place a ban on crypto mining, and China has already done this. That’s a population of 1.4 billion who won’t be factored into the one billion crypto users target.

At the same time, Jeffrey Frankel (from Harvard University) believes that “El Salvador’s adoption of Bitcoin as legal tender is pure folly”.

Yu Xiong (professor of business analytics at the University of Surrey) isn’t so convinced a billion is possible, explaining that while 700 million, or even 800 million may be reached, a billion is simply too tall of an order.

Others like Keith Carter (associate professor at the National University of Singapore) believe that more blockchain use cases are necessary before we reach a billion users, along with citing other hurdles like technology accessibility, energy usage and unequal internet accessibility.

If we can see some strong growth for crypto by mid-2022 (preferably half a billion or more), then a billion by December 2022 is possible. Until then, here’s to hoping.

Tags: Adoption
George Chen

George Chen

Recommended For You

Top ZK Rollup Projects Early 2023: A Curated List

by Tuni Lala
February 23, 2023
0
Top ZK Rollup Projects Early 2023: A Curated List

If you're a crypto enthusiast, you may have heard the term "ZK Rollup" and be curious about its functions. ZK Rollups are a method to facilitate more efficient...

Read more

Chinese Coins Gains Double-Digit As $92 Billion Injected Into Market

by Van Tran
February 22, 2023
0
Chinese Coins Gains Double-Digit As $92 Billion Injected Into Market

The liquidity injection by the People’s Bank of China caused the price increase of Chinese crypto projects. Industry heavyweights, like the inventor of Tron, Justin Sun, assert that...

Read more

Stablecoin War Intensified Amid Regulatory Crackdown

by Tuni Lala
February 17, 2023
0
Stablecoin War Intensified Amid Regulatory Crackdown

The Securities and Exchange Commission (SEC) maintains its regulatory stance on cryptocurrency. In doing so, the regulator contributed to the intensification of the so-called stablecoin war. The move...

Read more

Messari Report: GameFi Adoption Declines 30% Since October 2022

by Tuni Lala
February 15, 2023
0
Messari Report: GameFi Adoption Declines 30% Since October 2022

According to a survey by Messari, the number of monthly active GameFi users has decreased to around 1.75 million since October 2022, when it peaked at over 2.25...

Read more

Why Is The Current Crypto Market Down?

by Tuni Lala
February 15, 2023
0
Why Is The Current Crypto Market Down?

The crypto market is currently down as market volatility grows ahead of the release of the Consumer Price Index (CPI) report, along with increasing regulatory enforcement by the...

Read more
Next Post
PayPal app login on iPhone 5 stock photo

Paypal Looking into Launching Stablecoin

Please login to join discussion

Most popular

  • Best Crypto Youtube Channels For Crypto Enthusiasts 2023

    Best Crypto Youtube Channels For Crypto Enthusiasts 2023

    653 shares
    Share 261 Tweet 163
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2022

    139 shares
    Share 56 Tweet 35
  • Bybit Australia Review 2023: Fees, Security & More Features

    77 shares
    Share 31 Tweet 19
  • CoinSpot Review 2023: Details, Fees & Features

    128 shares
    Share 51 Tweet 32
  • Top Crypto Twitter Influencers in 2022

    890 shares
    Share 356 Tweet 222

Recommended

IMF Prefers More Crypto Regulations Over Explicit Bans

IMF Prefers More Crypto Regulations Over Explicit Bans

March 2, 2023
Coinbase to Suspend Binance USD Trading For Not Meeting Listing Standards

Coinbase to Suspend Binance USD Trading For Not Meeting Listing Standards

March 2, 2023
Kucoin Review 2023: Features, Fees & More

Kucoin Review 2023: Features, Fees & More

March 1, 2023
Lawyers Flame SEC Chair Over Claims All Crypto Are Securities

Lawyers Flame SEC Chair Over Claims All Crypto Are Securities

March 1, 2023
Facebook Twitter Instagram
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Adoption Altcoin News Banks Bitcoin Bitcoin News Blockchain News btc Business Cardano Cardano News CBDC China CoinSpot Crypto Cryptocurrencies Crypto Exchange DeFi Dogecoin News El Salvador ETF Ethereum News Exchanges Feature FTX Games hacks Markets Metaverse Mining NFT NFT Game Opinion People Policy and Regulation SAM SEC Security Solana Stablecoins Tech Terra Top Crypto News Australia | CoinCulture Trading U.S. web3

© 2022 CoinCulture. All rights reserved.

No Result
View All Result
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Forecast
  • Exchanges
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Crypto.com Review
      • Crypto.com Review
      • Swyftx Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx
      • CoinSpot vs Digital Surge
      • CoinSpot vs Coinbase
      • Coinspot vs Binance
      • CoinSpot vs Kraken
      • CoinSpot vs Independent Reserve
      • CoinSpot vs Bitfinex
      • Coinspot vs Plus500
      • CoinSpot vs Bittrex
      • CoinSpot vs BTC Markets
      • CoinSpot Vs Etoro
      • CoinSpot vs Cointree
      • CoinSpot vs KuCoin
      • Crypto.com Vs Coinbase
      • Crypto.com vs Binance
      • Swyftx vs. Independent Reserve
      • Swyftx vs. CoinJar
      • KuCoin vs. Coinbase

© 2022 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$23,330.00-1.59%
    BITCOIN
    24H : -1.59%
    Volume : $29,011,025,645.00
    Marketcap : $450,709,724,233.00
  • ethereumEthereum(ETH)$1,627.13-1.80%
    ETHEREUM
    24H : -1.80%
    Volume : $8,050,332,334.00
    Marketcap : $196,171,620,368.00
  • tetherTether(USDT)$1.0000.130%
    TETHER
    24H : 0.130%
    Volume : $36,111,725,668.00
    Marketcap : $71,054,541,417.00
  • binancecoinBNB(BNB)$297.54-1.93%
    BNB
    24H : -1.93%
    Volume : $322,625,825.00
    Marketcap : $46,953,307,117.00
  • usd-coinUSD Coin(USDC)$1.0000.150%
    USD COIN
    24H : 0.150%
    Volume : $3,438,454,079.00
    Marketcap : $42,870,018,234.00

Add New Playlist