This is a beacon of hope for Bitcoin (BTC) bulls. A promising report from Crypto.com predicts that by the end of 2022, the number of cryptocurrency users worldwide could reach one billion.
The report concludes that the combination of developing countries copying El Salvador’s orange peel example and “friendlier attitudes” towards the crypto industry means that “countries can no longer afford to ignore the growing public pressure on crypto.”
Looking back at 2021, the global crypto population has increased by 178% in 2021, rising from 106 million in January to 295 million in December. While 2021 began with Tesla and Mastercard joining the group of cryptocurrencies and adoptions, BTC has driven growth in the second half of the year, actually surpassing Ethereum (ETH) adoption.
Before El Salvador’s official tool for Bitcoin, August was a unique adoption month, as shown in the chart below:
In light of the number of cryptocurrencies launched in 2021, Crypto.com estimates that “if we extrapolate the corresponding growth in 2022, we can reach 1 billion cryptocurrencies by the end of 2022.”
However, this will require more than just a Latin American nation using bitcoin and some robust cryptocurrency regulations in the United States.
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Fortunately, a recent Fidelity report agrees with the adoption of the nation state; they “will not be surprised” if more countries accept BTC by 2022. As for the second part of Crypto.com’s prediction of a friendlier attitude towards crypto, there are no right decisions here.
With the potential rocket fuel of the US Bitcoin ETF still being rejected and the recent US cryptocurrency consultations at best cautious, Crypto.com’s predictions are a saving grace. As prices fall, the report welcomes opium for growers.