The number of users of cryptocurrencies can reach 1 billion

Is it possible for the crypto market to expand until about 80% of the world uses it? Coinbase CEO Brian Armstrong believes the blockchain will help crypto space reach that goal.

The number of cryptocurrency users has reached 50 million

Currently, the number of cryptocurrency users in the world is approximately 50 million people, according to Armstrong.

A chart released by the Statista shows that there were almost 45 million users of crypto wallets in the fourth quarter of 2019. This number increased from 32 million in the same period of the previous year and doubled compared to the last quarter of 2017.

BitInfoCharts updated Bitcoin distribution chart shows that there are over 21.5 million Bitcoin wallets that hold cryptocurrencies worth at least $ 1.

Although it is difficult to estimate the number of cryptocurrency users, Armstrong’s figure is not far from reality.

But there is a long way from 50 million to 5 billion people. Brian Armstrong is optimistic about the future, but did not mention when this forecast might come true.

“In conclusion: I think we still can’t figure out which blockchain will help increase crypto usage from ~ 50 million users to 5 billion. The network that will succeed in providing scalability, confidentiality, decentralized identity and tools for developers will have a major advantage ”

he said Twitter.

Also, Coinbase CEO compared the adoption of cryptocurrencies with the expansion of the Internet.

5 billion is exaggerated, but 1 billion is achievable

The reality is that there are not yet 5 billion Internet users – according to another statistic graph, in January 2020 there were 4.5 billion.

Conversely, reaching 1 billion cryptocurrency users would be a major achievement. There are several scenarios that can lead to such community growth.

The number of users of cryptocurrencies can be influenced by:

Facebook’s Libra project – Facebook has nearly 2.5 billion monthly active users. If the Libra project succeeds in launching, then the crypto space could reach 1 billion users quite easily. However, the project is facing strong regulatory opposition, so it remains to be seen if it can be implemented.

China and India – together, China and India make up about 35% of the world’s population. The governments of the two countries have not been friendly to cryptocurrencies, but things are starting to change. Chinese President Xi Jinping praised the blockchain at the end of last year. The Supreme Court of India has just forced banks in the country to provide services to companies that run cryptocurrencies.

CBDC – The digital currencies of the central banks are one of the future hopes for the crypto market, Many such institutions have approached the subject in the last year, because they are aware that the population prefers to give up cash. The implementation of CBDC will bring major benefits to the crypto ecosystem, because will educate the population massively regarding the use of digital currencies. From there until the adoption of cryptocurrencies is a small step.

Do you think the crypto market will reach 1 billion users? If yes, which of the above will be the trigger?