Crypto Users May Hit 1B in 2024, Bitfinex Analysts Claim | Coinspeaker

Crypto Users May Hit 1B in 2024, Bitfinex Analysts Claim

UTC by Mayowa Adebajo · 3 min read
Crypto Users May Hit 1B in 2024, Bitfinex Analysts Claim
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According to analysts at Bitfinex, crypto is undoubtedly gaining more traction globally. Moreover, considering the current state of the crypto market, especially with asset prices, it appears that even more global acceptance is on the way for crypto.

Bitfinex analysts have made a bold prediction about the number of users that we might expect to see in the crypto industry come 2024. Their prediction, which was detailed in a recent report suggests that the number of crypto users may be headed to around one billion in the coming year. However, they also clarified that much growth can only be achieved on the condition that the bullish market trends remain.

The analysts shared in the report that global crypto users, as of December 1, had already climbed to 575 million. They also noted that only 432 million users were actively involved with crypto at the beginning of the year, therefore indicating a growing interest in the industry.

However, what makes it even more interesting is the fact that 2023 was a rollercoaster ride for crypto. It was a year that put the entire industry in a tight spot. So, having shown all these positive signs despite the otherwise harsh conditions, analysts now believe that the industry will only continue to grow.

1 Billion Crypto Users

According to analysts at Bitfinex, crypto is undoubtedly gaining more traction globally. Moreover, considering the current state of the crypto market, especially with asset prices, it appears that even more global acceptance is on the way for crypto, they added.

Although the analysts did not give a round figure, the report suggests that the number of users could easily reach the one billion mark in 2024. The statement reads:

“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.”

On another hand, the analysts also noted how the crypto space is currently receiving massive inflows. This is as investors brace up to receive news of the United States Securities and Exchange Commission (SEC) finally approving a spot Bitcoin (BTC) exchange-traded fund (ETF). At this time, the market would most likely even see inflows that will surpass what was previously projected.

It might be worth noting that the prediction of Bitfinex analysts concerning what to expect post-approval of Bitcoin ETF is not exactly strange. As a fact, it aligns with the positions of various other analysts and market experts.

For example, Grayscale CEO Michael Sonnenshein recently shared with CNBC what he thinks the future holds for Bitcoin.  He repeatedly noted in the interview that a spot Bitcoin ETF approval would boost Bitcoin adoption.

Coinspeaker also reported earlier that MicroStrategy’s Michael Saylor sees the upcoming approval as potentially the biggest event in Wall Street in three decades. Similarly, CryptoQuant believes that the SEC’s approval could push Bitcoin to the $160,000 mark.

Bitfinex’s prediction about crypto users appears to be quite similar to that of Statista. The statistics website also predicts that crypto users could grow to nearly 833 million in 2024. However, it doesn’t see that number reaching 992 million until around 2028.

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