Crypto.com CEO, Tim Zagar, has predicted that by the end of 2022 there will be more than 1 billion cryptocurrency users and use cases for cryptocurrencies in everyday life. The prediction comes from his company’s analysis on the future growth rate of crypto-based applications as well as economic indicators such as GDP per capita and number of internet users.
Crypto.com, a cryptocurrency exchange and wallet provider, has given an ambitious prediction that by the end of 2022 it will have 1 billion crypto users.
Crypto.com has released a report that highlights major changes from this year as well as forecasts for 2022.
The forecasts touch on a number of hot topics. The prediction that the number of worldwide crypto users will reach 1 billion by the end of 2022 is possibly the most intriguing. Although many experts agree that adoption is only going in one way, this is still a bold statement.
With that in mind, what is Crypto.com’s rationale for its actions?
Is a goal of 1 billion users by the end of 2022 too lofty?
Lark Davies, a YouTuber, published a graph last week comparing internet and crypto usage rates. When the chart is overlay, it reveals a great degree of symmetry, even when multiple timeframes are taken into consideration (since the internet existed long before cryptocurrencies).
@TheCryptoLark on Twitter.com is the source of this information.
Analysts believe that during the next five years, worldwide crypto users will reach 1 billion, based on what is known about internet use. This indicates a 5x growth by 2026, based on an estimated 200 million current users.
As a result, reaching one billion users by the end of next year is a bold prediction. According to the graph above, there could be roughly 400-500 million users by the end of 2022.
Nonetheless, the exchange claims that by 2022, there will be a more welcoming attitude toward cryptocurrencies, which will drive adoption skywards.
This is because they believe developed countries will eventually get their act together and create specific legal and tax frameworks for cryptocurrencies. They also view increasing inflation as a positive factor in the adoption of digital assets.
Other Crypto.com predictions for 2022
Crypto.com also makes a number of additional forecasts for the next year, all of which support the concept of more acceptance or advancements in the cryptocurrency space.
Given that the first (US) crypto ETFs were authorized in 2021, the business predicts that cryptocurrency will become more integrated with conventional finance under the alternative asset class. As a consequence, legacy companies will increase their links with cryptocurrency exchanges.
“Traditional banks and financial institutions like as Morgan Stanley, Citi, Goldman Sachs, JP Morgan, E&Y, Bank of America, and Credit Suisse are seeking partnerships with crypto exchanges to incorporate crypto into their core services, ranging from payments to transfers and investing.”
Despite some skepticism about the Metaverse and Web3, Crypto.com believes that this sector, notably GameFi, Play-to-Earn, and NFTs, will continue to thrive.
Interoperability and cross-chain DeFi protocols are expected to take off, putting an end to Ethereum’s decentralized financial supremacy.
Finally, decentralized autonomous organizations (DAOs) will grow beyond cryptocurrency, according to the last prediction. In a Web3 environment, it’s effectively being acknowledged as a mechanism to create governance norms.
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Crypto.com gives an ambitious 1 billion crypto users prediction by the end of 2022. The website believes that by the end of 2022, there will be 1 billion people using cryptocurrencies. Reference: crypto forecast 2022.
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