While 2023 put crypto in a tough spot, analysts remain optimistic that the industry will continue to grow, with some predicting that the number of users will reach nearly one billion in 2024.
Analysts from the crypto exchange Bitfinex highlighted in a report that as of Dec. 1, global crypto owners had reached 575 million — up from 432 million at the start of 2023.
Bitfinex analysts said the number could “escalate to between 850 and 950 million.” The analysts predicted this growth could easily be reached if current bullish market conditions continued through 2024. They wrote:
“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.”
The analysts also highlighted that investment activities continue to grow within the space. They noted that if a spot Bitcoin (BTC) exchange-traded fund (ETF) is approved, the market could surpass the anticipated inflows based on the charts.
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On Dec. 20, Grayscale CEO Michael Sonnenshein said in a CNBC interview that a spot Bitcoin ETF approval could boost Bitcoin adoption. The executive said that it could allow Bitcoin to reach the “advise market” in the United States, which is worth about $30 trillion.
Apart from Bitfinex, statistics website Statista also has its own projections for crypto user growth. According to Statista, the number of crypto users could grow to nearly 833 million in 2024 and reach around 992 million by 2028.
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