Cryptocurrency adoption set to reach 200 million by 2030, new research report by Deutsch Bank states.
The overall adoption of cryptocurrencies has been on a sharp uptrend following Bitcoin’s bull run in 2017 that witnessed he price of the top crypto hit nearly $20,000 USD on major exchanges. According to a January 2020 report released by Deutsche Bank, the adoption is expected to grow exponentially in the coming years as the field targets over 200 million users by 2030.
“if we connect the dots between the dematerialisation of payments and the rise of cryptocurrencies, we can envision a near future in which cryptocurrencies gain broad acceptance.”
Furthermore the increased acceptance of cryptocurrencies as a form of payment by the younger generations further signals a boost of crypto usage in the coming future. According to the report, there exists about 50 million unique wallet addresses across the cryptocurrency ecosystem with the number rapidly increasing with a target of 200 million by 2030. Blockchain offers a large chunk of the unbanked and poorly banked population, which totals to over 2 billion, a decentralized and peer to peer platform to make cheap, quick and efficient transactions, hence the rapid adoption.
Cryptocurrencies are expected to follow a similar trend to the internet as the early years of the former looks very much alike as the early internet days.
Governments and corporations set to boost crypto adoption
Having taken the past decade to reach the 50 million milestone the next decade will be a key turning point for digital assets as Deutsche Bank reports. Despite the slow growth in crypto adoption, the increasing presence of governments like China and top companies such as Apple, Alibaba and Amazon in blockchain provides a catalyst to boost adoption if they start accepting crypto.
“If the Chinese government, along with Google, Amazon, Facebook, or Apple (the so-called GAFA group), or a Chinese company like Tencent can overcome some of the barriers to cryptocurrencies (discussed later), then cryptocurrencies could become more appealing.”
However the report maintains that regulation is important for the adoption to reach heights of 200 million adoptees.
“No cryptocurrency will ever be able to emerge as a mainstream payment solution without approval from regulators.”
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