Exponential Growth: Number of Bitcoin Users to Reach 200 Million by 2024
Based on RT, analysts expect the number of bitcoin consumers to reach 200 million by 2024, over the next seven decades, given the present exponential growth rate of bitcoin.
5 Million Unique Users in March
A Cambridge study conducted by Dr. Garrick Hileman and Michel Rauchs in March of 2017 showed that the number of active users of bitcoin wallets was at the assortment of 2.9 million and 5.8 million.
But as then, proportional to the market evaluation and price of bitcoin, the cryptocurrency’s consumer base has increased at a fast speed. Coinbase alone, the international market’s biggest bitcoin broker and wallet system, serves over 13 million active users. In November alone, Coinbase listed 1.2 million consumers.
Driving Factors of Bitcoin Mainstream Adoption
Basically, with 200 million active consumers, bitcoin will permeate the mainstream marketplace, and the huge majority of casual and investors consumers will adopt bitcoin as a strong store of value along with a digital money.
The list of bitcoin stocks by CBOE and CME in mid-December will induce adoption of bitcoin in the standard fund marketplace, amongst large-scale institutional investors, retail traders, hedge funds, and investment companies. As tens of thousands of institutional money transfer into the bitcoin marketplace, casual investors and consumers may follow, creating a domino effect.
Afterward, more financial institutions, financial service providers, and fintech platforms will start supplying services around bitcoin, improving the bandwidth and usability of bitcoin. Already, in November, hugely popular and widely used fintech program Square incorporated bitcoin, enabling users to save, buy, or sell bitcoin.
Shinhan, the 2nd biggest commercial bank in South Korea and a powerful financial institution within the local fund sector, has started the testing period of its bitcoin vault and wallet solutions since CCN reported.
“Shinhan is analyzing a digital bitcoin vault platform wherein the personal keys of bitcoin covers and wallets have been handled and issued by the lender. The bank plans to supply the vault support at no cost and charge a fee for withdrawals,” stated a Shinhan agent.
Finally, as bitcoin solidifies itself as the top international store of value, a growing amount of distinctive and busy users will start using the cryptocurrency as a daily currency and a substitute for fiat currencies.
But, for consumers to adopt bitcoin instead of fiat monies, the inherent scaling issues of the Bitcoin blockchain system has to be solved. During second-layer infrastructures like Lightning, at the long term, bitcoin consumers and companies are going to have the ability to process micropayments, or trades with substantially reduced prices, to pay payments for services and goods.
Once bitcoin service markets and providers incorporate quad and other possible second-layer climbing options, more customers will have the ability to use bitcoin to settle modest payments in addition to large payments, together with the former being processed on Lightning stations as well as also the latter on-chain, using higher prices.