Despite challenges in 2023, analysts remain optimistic about the growth of the cryptocurrency sector, predicting a significant increase in user numbers. Bitfinex analysts reported that as of December 1st, the global number of crypto holders had reached 575 million, a substantial rise from 432 million at the beginning of the year.
Experts suggest that if the current bullish market conditions persist until 2024, the number of crypto holders could easily reach between 850 and 950 million. This projection highlights the growing global interest and acceptance of cryptocurrencies.
Furthermore, analysts emphasize the continued growth in investment activities within the space. They speculate that the approval of a spot Bitcoin ETF could lead to market entries exceeding expectations, as suggested by Grayscale CEO Michael Sonnenshein during a CNBC interview on December 20th.
Sonnenshein also mentioned that the approval could potentially open up Bitcoin to the approximately $30 trillion advisory market in the United States. In addition to Bitfinex, the statistics site Statista has its own predictions regarding the growth of crypto users.
According to Statista, the number of crypto users could reach approximately 833 million by 2024 and 992 million by 2028. This aligns with the positive outlook from analysts who foresee continuous growth in global cryptocurrency usage.
In conclusion, despite the current year’s hurdles, the crypto market is expected to flourish with an anticipated user base of 850 to 950 million by 2024. The potential approval of a spot Bitcoin ETF could further boost the market, facilitating Bitcoin’s access to major US markets. Statista’s forecasts support these expectations, projecting a user count of 833 million by 2024.