Crypto as one of the biggest sensations of this century is fast changing the finance world. Crypto adoption is increasing worldwide, and 8% of the global population will use cryptocurrencies by 2025 according to MatrixPort.
In an October 4 report, the fintech company highlights Bitcoin’s growth since its inception while projecting crypto adoption till 2025.
According to the report, “Bitcoin has seen an unprecedented rise over the past decade, with its market capitalization skyrocketing from $10 billion in 2014 to $1.2 trillion today. This remarkable growth mirrors the expansion of the entire cryptocurrency ecosystem, which has grown from 5 million global users in 2016 to more than 500 million today. While these numbers highlight the wealth created and the demographic trends, one statistic looms large: the 8% adoption rate.”
Notably, growing institutional involvement is a major contributor to global crypto adoption according to the report. To clarify, as more institutions incorporate crypto, crypto adoption increases.
Regional boosts in crypto adoption stem from crypto’s growing influence in countries of Southeast Asia and Africa. Meanwhile, other crypto and blockchain innovations like DeFi services thrive worldwide.
Crypto Value Boosted by Enhanced Global Adoption
According to MatrixPort, the increased adoption boosts the value of Bitcoin and other cryptocurrencies. “Once around 8% of users are on board, the technology becomes exponentially more valuable,” said MatrixPort.
This is highlighted in the seasonal changes in BTC’s price. “Broader adoption has propelled Bitcoin forward in each market cycle, and this time is no different. While Bitcoin is grappling with the previous all-time high of $68,330 set in 2021, a breakthrough at this level could trigger a sharp upward move.”
In addition, transaction costs would decrease as crypto becomes more accessible. According to MatrixPort, “Costs typically decline as adoption increases due to economies of scale, making the technology more accessible and driving greater growth.”
Africans Not Left Out
Africans are at the forefront of crypto adoption, with countries like Nigeria and South Africa being top players. By leveraging these unique digital assets, African users will gain maximally from their potential.