Deutsche Bank has published a new research paper on the future of payments, in particular the use of cryptocurrencies. The specialists compare the growth of the users of the blockchain wallet with the incipient evolution of the Internet.
According to the paper, entitled “Digital currencies: the sustainable power tool”, the adoption rate of the blockchain mirrors that of the Internet in the first years on a smaller scale.
As the Deutsche Bank chart illustrates, the Internet has registered about 500 million users after eight years of existence. The number of users using cryptocurrencies is about ten times lower in the same time frame – about 50 million. Deutsche Bank specialists appreciate that this scale will remain constant for the foreseeable future.
The Internet has reached about four billion users in less than 25 years. The bank estimates that the cryptocurrency industry will reach about 300 million users in the same time frame.
200 million crypto wallets by 2030
The overall tone of the Deutsche Bank report is optimistic, with the authors considering “a near future in which cryptocurrencies are gaining wide acceptance”.
To date, relatively few people have bought and sold cryptocurrencies. The report predicts that, at the current pace, there could be 200 million blockchain wallet users by 2030.
Digital currencies: the sustainable power tool
An increase in the adoption rate over the current rate requires a catalyst, says Deutsche Bank. This can be cryptocurrency development by a major organization:
“If the Chinese government, alongside Google, Amazon, Facebook or Apple (the so-called GAFA group) or a Chinese company like Tencent can overcome some of the cryptocurrency barriers, then they could become more attractive.”
In such a situation, the public will adopt the new payment method more quickly. This will “give them the potential to replace cash”.
Researchers report an increase in the number of crypto wallets
Analysts’ opinions from Deutsche Bank are also confirmed by other researchers. According to a recent report by market information and consulting firm Mordor Intelligence, the crypto hardware wallet market is expected to grow at a rate of 24.93% over the next five years. This could reach $ 708.37 million by 2025.
Another recent report from P&S Intelligence found that the market designed for crypto devices, including blockchain wallets and smartphones, will reach $ 23.5 billion by 2030, an increase of 7,700%.
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