Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report
There’s a beacon of hope for battered Bitcoin (BTC) bulls. A promising report from Crypto.com predicts that global crypto users could reach one billion by the end of 2022.
The report reaches the conclusion that a combo of developing nations copying El Salvador’s orange-pilled example and a “friendlier stance” towards the crypto industry means that “Nations can no longer afford to ignore the growing push towards crypto by the public.”
Looking back on 2021, the global crypto population increased by 178% in 2021, rising from 106 million in January to 295 million in December. While 2021 kicked off with Tesla and Mastercard joining the party with crypto payments and adoption, BTC drove growth in the second part of the year, effectively outperforming Ether (ETH) adoption.
In the run-up to El Salvador’s Bitcoin legal tender bill, August was an outstanding month for adoption as shown in the graph below:
In light of the number of crypto users in 2021 tripped, Crypto.com estimates that “If we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.”
Fortunately, a recent Fidelity report agrees on nation-state adoption; they “wouldn’t be surprised” to see more countries adopting BTC in 2022. As for the second part of the Crypto.com prediction on a friendlier stance to crypto, the jury is out.
Given that the potential rocket fuel that is a U.S. Bitcoin ETF continues to be rejected, and the recent U.S crypto mining hearing was cautious at best, Crypto.com’s predictions are a saving grace. As price action grinds lower, the report is welcome hopium for hodlers.