Crypto.com Predicts 1 Billion Global Crypto Users in 2022!

[hugeblack]

The only thing they can calculate is the number of people who have pass KYC and then the number of Crypto Users in 2022, and both metrics are inaccurate.
In general, if they say 10 Billion users, who will investigate them or try to falsify this news.
Perhaps all this talk was an attempt to pump the price and therefore it is possible to understand them under the promotional plans.

[omone1]

If we experience a global market crash like what happened in 2008. and the stock market crashes, people will look for a safe-haven and this they will turn to the people currency which is bitcoin and its associate, when this happens we can be sure the 1B users will be realized. We have a responsiblity to prepare and educate people about how it works so they won't fall victim.

[stompix]

Maybe you should read the post from @stompix, he doesn't think it's even close to what you think, and I also think that India does not have maybe even 10% of that number, unless all are very quiet and peaceful citizens who do not express their views.

Not only do they not express their views but they also seem to hide everything else, from nodes to businesses accepting crypto, and they are doing a perfect job at it. Let me understand how could this be possible if we count 100 million "users" in India and ...what..2 million in Bulgaria and 1 million in Croatia? 
So India has  14 nodes, Bulgaria 38 and Croatia 15. We can't blame this on datacenters, common. On what can we blame data for LN nodes?

And speaking of...

And they changed the whole crypto market when they accepted bitcoin.

You have 100 million users and a whole economy reshaped by merchants accepting crypto and not a few dozen poeple who would update this map?


If we assume 10% of the population owns crypto and in a city of 17 million like Mumbai, you have 6 businesses listed while in Pardubice you have 12...something is definitely wrong.
Yes, you will get 100 million users at some point, but there is no way you have them now.

[Fortify]

Crypto.com has published a report asserting that it expects one billion crypto users by the end of 2022.

Some excerpts:

According to Crypto.com research, there were over 292 million crypto users worldwide as of 30 November 2021.

[...]

Crypto will become a fixture in the alternative asset class for investment portfolios. The first crypto ETFs launched this year were met with demand beyond their capacity, suggesting that more crypto instruments in the mainstream finance industry will soon follow.

[...]

On the technical side of things, the crypto industry will have to scale fast to meet its exponential demand. Cross-chain DeFi protocols will become the norm, paving the way for a multi-chain future of replacing the siloed chains of the past.

It was a big surprise to see Crypto.com advertised so prominently on the last Formula 1 race of the championship, so they're certainly pushing it out there. However it is in their best interests to hype up crypto because they're earning a huge amount from fees for relatively low input - hence them having such a big marketing budget. At present lots of people are becoming more wary of crypto rather than embracing  it, with some European countries pushing for it to be banned due to environmental issues. Until there is more clarity on that then people may stay away, and if any bans in Europe/North America were enacted it could crush the price of Bitcoin short term.

[pushups44]

Again, Coinbase claims to have over 73 million users, and Crypto.com asserts there are at least 292 million crypto users globally right now, according to the sources I posted. This means Coinbase has about 25 percent of global crypto users on its platform. Is this unreasonable? Where is the proof these numbers are wrong?

Those who question the Crypto.com research are essentially saying the Coinbase percentage of global crypto users is higher. Implicitly, they are taking a very pro-Coinbase stance. After all, mathematically, the higher the number of global users assumed, the lower the market share of Coinbase.

I just realized something: the 292 million figure appears to be based on the assumption of Coinbase having a 25 percent global market share.


It looks like CoinShares has come up with a similar estimate:

Both supporters and detractors have recently been likening bitcoin to the internet in 1997. Bitcoin has been growing at an annual rate of 113%, vs the internet’s growth at that time of 63%. Should bitcoin’s adoption slow to that of the internet’s, it would still lead to 1 billion users by 2024 and 4 billion users by 2030. With institutions such as Visa, Mastercard, Paypal, BNY Mellon, Morgan Stanley, Goldman Sachs and JP Morgan to name but a few all reversing their stance against bitcoin, that isn’t looking likely.

[South Park]

Crypto.com has published a report asserting that it expects one billion crypto users by the end of 2022.

I think it is too optimistic to think that something like this is going to happen during the next year, I believe in the potential of bitcoin and all of that but to me if we had so many people using bitcoin and altcoins then I will see signs of this where I live, as I suspect that most stores would not like to miss on such a huge market, and since this is not the case then the only logical conclusion I can make is that the number of users we have is in fact way smaller than what those predictions may indicate.

[Accardo]

It's a prediction and anything can happen no one knows, some projects will unfold in 2022 which will facilitate the ecosystem of cryptocurrency as a market. We'll all benefit if the prediction occurs to be true. But, We only have 365 days to achieve such a huge task which may seem impossible. 1 Billion is a big number, to be sincere I doubt that their prediction is correct, but one thing is for sure the market cannot be predicted correctly.

It's volatile, that means it can boost and as well dump at any point in time.

[haasanjui]

They just predict crypto users will cross 1B global users in 2022. And they also predict global crypto users will  5x in 2026. But it is just prediction it can be true or not no one know.

[davis196]

1.Crypto.com is biased.They are a crypto company,so they want more people to become crypto users.
We need data coming from a neutral source.
2.The info about 292 million crypto users worldwide can't be verified.How did they come up with that number?
Counting user accounts on exchanges is wrong,because one user can have multiple accounts and many accounts are inactive.
3.What does "crypto users" mean?This seems like a pretty vague term.Do they include De-Fi users and NFT users in this term?

I believe that the crypto industry won't hit 1 billion users,even after 10 years.Actually,the crypto industry might never reach such amount of users.
The total amount of cryptocurrency users around the globe is below 100 million,but that's just my assumption.

[pushups44]

1.Crypto.com is biased.They are a crypto company,so they want more people to become crypto users.
We need data coming from a neutral source.
2.The info about 292 million crypto users worldwide can't be verified.How did they come up with that number?
Counting user accounts on exchanges is wrong,because one user can have multiple accounts and many accounts are inactive.
3.What does "crypto users" mean?This seems like a pretty vague term.Do they include De-Fi users and NFT users in this term?

I believe that the crypto industry won't hit 1 billion users,even after 10 years.Actually,the crypto industry might never reach such amount of users.
The total amount of cryptocurrency users around the globe is below 100 million,but that's just my assumption.

CoinShares, as I pointed out, has a very similar estimate. If we assume Coinbase has a 25 percent global market share with 73 million verified accounts (it seems plausible), then the 292 million figure is sensible. So Crypto.com, CoinShares, AND Coinbase have to be lying for this number to be so easily dismissed. So, is there a conspiracy by the industry to inflate numbers? If so, where is the proof of this?

So far all that we see is a bunch of opinions that this doesn't "seem" right. No facts or data have been presented to counter this research in this thread.

[Gyfts]

~ not unless maybe there can be a consortium of organizations that got money to spend on promotions or marketing.

Crypto.com is also one of these companies that are advertising on different sports/events. You see their jersey on NBA, UFC, and even European football leagues. They call it partnership but they probably spent a significant amount of money.

Having said that, it's only natural that they come up with predictions like that. They're expecting their marketing efforts to bear fruit$.

Exactly.

Without reading the 25 page report that's linked in OP, "users" has a broad definition, which is greatly convenient for marketing purposes. User meaning a crypto holder, trader, or individual that conducted a single crypto transaction in a calendar year of negligible value? Probably the latter. And the portion of users also don't include the Robinhood type crowd dabbling in shitcoins trying to get in on the latest pump and dump scheme.

Numbers are grossly inflated.

[Lucius]

Not only do they not express their views but they also seem to hide everything else, from nodes to businesses accepting crypto, and they are doing a perfect job at it. Let me understand how could this be possible if we count 100 million "users" in India and ...what..2 million in Bulgaria and 1 million in Croatia?  
So India has  14 nodes, Bulgaria 38 and Croatia 15. We can't blame this on datacenters, common. On what can we blame data for LN nodes?

It is clear that the figures are more the subject of speculation than the real situation, regardless of the country in question - although it is more than obvious that some are really exaggerating. When it comes to Croatia, a few months ago there was information that the turnover from stock trading was equated with the turnover from cryptocurrency trading, which greatly upset the central bank and some other financial agencies in the country.

In addition, in Croatia it is practically possible to pay for everything with Bitcoin and other cryptos - which you can see if you visit bazar.hr - but in my estimation, we have less than 100 000 users, maybe even half of it.

[Reatim]

Crypto.com has published a report asserting that it expects one billion crypto users by the end of 2022.

Some excerpts:

According to Crypto.com research, there were over 292 million crypto users worldwide as of 30 November 2021.

[...]

Crypto will become a fixture in the alternative asset class for investment portfolios. The first crypto ETFs launched this year were met with demand beyond their capacity, suggesting that more crypto instruments in the mainstream finance industry will soon follow.

[...]

On the technical side of things, the crypto industry will have to scale fast to meet its exponential demand. Cross-chain DeFi protocols will become the norm, paving the way for a multi-chain future of replacing the siloed chains of the past.

Wait, But do they get this stats?

Is this about the wallets Held Bitcoin? because if does then this is Inaccurate because this cannot stand as Crypto users instead it can be owned not same people.

One of us have multiple crypto wallet that we come to Keep our coins so this is not really a legit statistics .

[stompix]

So, is there a conspiracy by the industry to inflate numbers?

It's not a conspiracy it's called marketing.
And sometimes it can turn ugly, as was the case a few days ago with Nikola .

It's a common practice and it has been around a century before Bitcoin, from newspapers that would count subscription renewals as new customers to boost their publicity tarrifs, from phone companies that count the total numbers of sims as customers but when they publish data on revenue per customer they treat one business with 30 sims as one, to every single business out there. This practice has plagued the world forever and bitcoin is no stranger to it, it start years ago with Huobi and okchina faking volumes and number of customers by the thousands.

So far all that we see is a bunch of opinions that this doesn't "seem" right. No facts or data have been presented to counter this research in this thread.

It's pretty easy, the claims are for 114 million bitcoin users, whatever that means and you have 800 million addresses ever used with 700 million transactions, in 12 years, this includes a business activity.
Now ignoring on top of that what a tumbler service can do, mining rewards, consolidations, it would still get 7 addresses per user and 6-7 transactions in a 12 years period. Adding to the mess is the fact that since 2018 we had an increase of address used from 480m to 800m, which obviously does not fit with the tripling of "users" in the last year.

Now, how many transactions do you think a bitcoin "users" should do a year to qualify him as a "user"? Grab your number and see if it fits the numbers above.

Should I throw in the fact that Visa has 180 billion transactions a year with a billion customers?
If we would go by the same metric and ignore the number of years that would leave only 4 million bitcoin users out of the claim of 114.

Try to see the positive in this, we're still at the beginning and still a long way ahead.

[bekti3]

I feel that in 2022 there will be something new, but indeed we also have to see from what point of view they say it, if indeed they say that the user is an active person then I think it could be less accurate, but for passive users maybe it can happen.
on the other hand adoption will continue to increase by itself over time and I'm sure of it

[Luzin]

Anyone has the right to predict what will happen in the future. As long as the prediction is rational then many will believe it. But if without valid evidence it is the same as an opinion. Proof through a wallet address is not enough. Because one person can have many wallets. But from the OP I think it's pretty good news, I think they're trying to herd the opinion of the world community. They want to introduce crypto widely. I still believe crypto will continue to grow, because we move forward and paper or metal currencies will slowly disappear.

[masterrex]

IMO, I think the crypto.com research team is just simply positive in their prediction, and whatever reason they have it's not important anymore because what more important is we are growing as cryptocurrency users worldwide are spreading fast like a wildfire for me that was already an achievement and we should support that positivity because we are riding on the same boat.   

[Ararbermas]

Well all i can say is, its not surprising because every year crypto market always improving because of adaption and etc. So i wouldn't be surprised wherein even though there are some factors that can bring the market down as its always happened but cannot make the crypto market down very hard as always as well . so better to accumulate more than wasting time asking if crypto will end because of some reason..lol

[24Kt]

Anyone has the right to predict what will happen in the future. As long as the prediction is rational then many will believe it. But if without valid evidence it is the same as an opinion. Proof through a wallet address is not enough. Because one person can have many wallets. But from the OP I think it's pretty good news, I think they're trying to herd the opinion of the world community. They want to introduce crypto widely. I still believe crypto will continue to grow, because we move forward and paper or metal currencies will slowly disappear.

They are optimistic with their predictions but it is understandable as they are in this market. We don't know how many people will be involved in crypto this coming year, but we are positive that it will further increase. As we are still in this pandemic stage, many people will have the time to read more about crypto and be interested as we are going digital. It may not reached 1B users, but definitely, we will increase in number.

[pushups44]

So, is there a conspiracy by the industry to inflate numbers?

It's not a conspiracy it's called marketing.
And sometimes it can turn ugly, as was the case a few days ago with Nikola .

It's a common practice and it has been around a century before Bitcoin, from newspapers that would count subscription renewals as new customers to boost their publicity tarrifs, from phone companies that count the total numbers of sims as customers but when they publish data on revenue per customer they treat one business with 30 sims as one, to every single business out there. This practice has plagued the world forever and bitcoin is no stranger to it, it start years ago with Huobi and okchina faking volumes and number of customers by the thousands.

So far all that we see is a bunch of opinions that this doesn't "seem" right. No facts or data have been presented to counter this research in this thread.

It's pretty easy, the claims are for 114 million bitcoin users, whatever that means and you have 800 million addresses ever used with 700 million transactions, in 12 years, this includes a business activity.
Now ignoring on top of that what a tumbler service can do, mining rewards, consolidations, it would still get 7 addresses per user and 6-7 transactions in a 12 years period. Adding to the mess is the fact that since 2018 we had an increase of address used from 480m to 800m, which obviously does not fit with the tripling of "users" in the last year.

Now, how many transactions do you think a bitcoin "users" should do a year to qualify him as a "user"? Grab your number and see if it fits the numbers above.

Should I throw in the fact that Visa has 180 billion transactions a year with a billion customers?
If we would go by the same metric and ignore the number of years that would leave only 4 million bitcoin users out of the claim of 114.

Try to see the positive in this, we're still at the beginning and still a long way ahead.

This is the closest to an attempt at a refutation of this data that I have seen in this thread, and it's largely speculative, much like the original post in this thread. I think it's fair to argue that a user can be someone who does a minor transaction on the blockchain - that is usage, actually, sheesh - as well as people who buy bitcoin on a centralized exchange and leave it on the exchange. After all, a primary use case of bitcoin is as uncensorable digital gold - and this can be utilized even on a centralized exchange that custodies the bitcoin (with the risks of this type of custody provided to customers). The same is true of financial institutions that hold the bitcoin for others. The same is true of custodians of gold: if I pay an institution to hold the gold for me in a vault, I am still technically making use of that gold. This is logic, even if it violates some of the ethical or political beliefs of some here. I am going by how these terms are commonly used. In such a case, which I imagine is common, there may be no transactions on the blockchain to show this activity (arguably critical from an economic standpoint, however odious to some).

Given that Coinbase is now under regulatory scrutiny, I tend to believe their claim of having at least 73 million verified accounts. When we add in the popularity of altcoins among investors, I think an argument can be made that the Crypto.com research is plausible and perhaps even modest. On the other hand, a certain percentage of these verified accounts are inactive - it would be useful to have some estimate of this number to help determine actual users.