Experts are still positive that the cryptocurrency market will expand; some even forecast that there will be close to one billion users by 2024.
In a report, Bitfinex analysts noted that, as of December 1, there were 575 million cryptocurrency owners worldwide, up from 432 million at the beginning of 2023.
The figure might "escalate to between 850 and 950 million," according to Bitfinex analysts. The analysts estimated that if the present upbeat market circumstances persisted through 2024, this growth could be easily attained. 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 emphasized how the space is seeing an increase in investment activity. They pointed out that the market might outpace the projected inflows based on the charts if a spot Bitcoin (BTC) exchange-traded fund (ETF) is approved.
In a Dec. 20 CNBC interview, Grayscale CEO Michael Sonnenshein stated that the adoption of Bitcoin might increase if a spot Bitcoin ETF is approved. According to the executive, this could open the door for Bitcoin to enter the $30 trillion US "advise market."
The statistics website Statista has its own predictions regarding the growth of cryptocurrency users in addition to Bitfinex. Statista projects that by 2028, there will be approximately 992 million cryptocurrency users worldwide, up from approximately 833 million in 2024.