Cryptocurrencies are undoubtedly gaining more attention globally, according to analysts at Bitfinex. Moreover, given the current state of the cryptocurrency market, especially asset prices, there appears to be much more global acceptance of cryptocurrencies.
Bitfinex analysts have made bold predictions about the number of users they expect to see in the cryptocurrency industry in 2024. According to their projections, detailed in a recent report, the number of cryptocurrency users is expected to reach around 1 billion by 2020. next year. But they also made it clear that significant growth can only be achieved if the bull market trend holds.
In their report, analysts shared that as of December 1, the number of global cryptocurrency users has already increased to 575 million. They also note that only 432 million users were actively involved in cryptocurrency at the start of the year, indicating growing interest in the industry.
But what’s even more interesting is that 2023 will be a rollercoaster ride for cryptocurrencies. It was a difficult year for the entire industry. So, showing all these positive signs despite the harsh conditions, analysts now believe that the industry will continue to grow.
1 billion cryptocurrency users
Cryptocurrencies are undoubtedly gaining more attention globally, according to analysts at Bitfinex. Moreover, given the current state of the cryptocurrency market, especially asset prices, it appears that there is much more global acceptance of cryptocurrencies on the way, they added.
Although analysts did not provide a rough number, the report suggests that the number of users could easily reach 1 billion by 2024. The statement is as follows:
“Looking ahead to 2024, we expect the number of global cryptocurrency holders to increase from 850 million to 950 million depending on market conditions.”
Meanwhile, analysts also noted how the cryptocurrency space is currently receiving massive inflows. This is a situation where investors are relaxed after hearing the news that the U.S. Securities and Exchange Commission (SEC) has finally approved a spot Bitcoin (BTC) exchange-traded fund (ETF). The current market is likely to see more inflows than previously expected.
It’s worth noting that Bitfinex analysts’ predictions about what to expect following the approval of a Bitcoin ETF aren’t all that unusual. In fact, this is consistent with the position of various other analysts and market experts.
For example, Grayscale CEO Michael Sonnenshein recently shared with CNBC what he thinks the future of Bitcoin holds. He has repeatedly stated in interviews that the approval of a spot Bitcoin ETF would drive Bitcoin adoption.
Coinspeaker also reports that MicroStrategy’s Michael Saylor sees the upcoming approval as potentially the biggest event on Wall Street in 30 years. Similarly, CryptoQuant believes that Bitcoin could rise to $160,000 with SEC approval.
Bitfinex’s predictions for cryptocurrency users appear to be quite similar to those of Statista. The statistics website also predicts that cryptocurrency users could grow to nearly 833 million by 2024. However, that number is expected to reach 992 million by around 2028.
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