Global Crypto Users Can Reach 1 Billion by December 2022, says Crypto.com

In the latest report from Crypto.com, based on the last year’s rate of growth, a possible prediction for 2022 says that the total number of crypto users by December could reach the ten-digit figure. 

Crypto Users in 2021

In order to predict the future, the research team came up with a formula factoring in deposits, addresses, exchange addresses, addresses per user, and the total market share.

Last year around July 2021, the total number of crypto users stood close to 230 million. However, as August came and the market began to rally, the same figure shot up to 263 million.

By the end of 2021, the global crypto market had about 295 million users. But the month-on-month growth had not been uniform due to the fluctuations in price action.

In August, the growth rate was at 15.2%, but the same plunged to just 1.1% in September. Similarly, the user figure grew by 7.7% in November and again dropped to 1% when the overall market fell by 15.75%.

Interestingly Bitcoin, in particular, suffered a lot last year, and as did its adoption rates. Soon after the market recovered from China’s mining ban of June, the Bitcoin ownership rate went up by 100% to 24%, but the $11.6k price fall that followed in September retracted it back to 1.8%.

But these figures do not represent the entire crypto market as Bitcoin users only accounted for 32% of all crypto users.

So Can the Users Really Reach 1 Billion?

If you consider the data from 2021 and factor it into the current stats, there indeed is a chance the total users could reach 1 billion by the end of 2021.

But then again, we must consider the biggest crash of the year that occurred three days ago. The events that transpired this month brought the total market down by 42.94%.

Furthermore, cryptocurrencies are yet to receive a legal tender or even a legal status in many places.

Plus, with many other countries such as Russia and Indonesia seeking a ban on crypto mining and deeming them as haram, respectively, it becomes difficult to have faith in the possibility.

If the total users can reach even 500 million by June 2022, one could very slightly believe in the near-impossible prediction.