Bitcoin Adoption To Grow 50% By 2025, This Report Claims

[Hydrogen]

According to the latest report, Bitcoin adoption among merchants is expected to increase by 50% in the next three years. This result is from a survey conducted by Ripple and Faster Payment Council, which involved 300 payment leaders in 45 countries.

A Growing Interest In Bitcoin Payments Globally

The report indicated that blockchain technology has emerged as an alternative to costly payment systems in recent years. Transaction volumes have increased remarkably in the crypto industry, with more than 5.5 million crypto payment users in the U.S. alone in 2023.

The top four use cases of crypto payments include remittances, cross-border B2B payments, card payments, and digital payments. Remittances take the lion’s share of this, with foreign workers taking to crypto to avoid high transaction fees when sending money home to their families.

In addition, the growing adoption of Bitcoin payments by PayPal and Stripe has also boosted adoption significantly. Beyond Bitcoin, stablecoins like USDT and USDC have enjoyed significant adoption due to their low volatility. It is reported that using stablecoins for cross-border payments is 80% less expensive than traditional payment methods.

Around 97% of the respondents in the survey believe that crypto payments will have a major role in faster payments within the next three years. Over half of the surveyed leaders expect most merchants to adopt crypto payments within this period.

Middle East Leading The Adoption Race

According to data from Ripple and FPC, most payment companies believe that merchants globally will use more cryptocurrencies in the near term. As seen in the graph below, the survey results show that 64% of representatives of payment companies in the Middle East believe that more than 50% of merchants will start accepting cryptocurrency payments within the next three years.  



Image link:  https://i.ibb.co/XpGHsKC/mass-adoption-poll.jpg

Europe follows this with 58%, North America 51%, and Africa 51%. In contrast, about 17% of the Latin American representatives believe adoption would occur within this period. This is despite the growing adoption rate in the LatAm region among formal and informal businesses.

The regulatory issue was also discussed in the Ripple and FPC survey. For the majority of the payment companies consulted (89%), the lack of regulatory clarity in the crypto-asset sector is a “barrier” to using blockchain technology as a means of payment.  

However, it must be remembered that in recent months there have been advances in regulating the cryptocurrency sector in several countries. Countries like Venezuela and El Salvador have established a comprehensive legal framework for crypto assets.

In addition, countries globally, like South Africa, Brazil, and Singapore, are advancing in their regulations. The survey determined that the “optimism” of companies for this market could respond to a “growing appetite” for “access and inclusion to broader financial services.

It also highlighted that other payment methods based on blockchain technology, like central bank digital currencies (CBDC), would improve global payment systems.  


https://bitcoinist.com/bitcoin-adoption-to-grow-50-by-2025-this-report-claims/

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The concept of bitcoin mass adoption growing 50% by the year 2025 is quite a staggering projection.

According to poll data the middle east could be the region with the highest crypto mass adoption growth. I wonder if it could be related to prohibitions of islamic banking and finance?:

https://en.wikipedia.org/wiki/Islamic_banking_and_finance

The poll claims europe the united states and other nations of the world are also expected to exhibit high rates of cryptocurrency mass adoption growth over the next few years.

South america is an exceptions with major residents in those regions preferring to use gold or silver coins rather than electronic means of exchange. This trend helps to explain why el salvador has had difficulty achieving higher rates of bitcoin mass adoption. Unfortunately, I could not find a sample size for how many poll responders there were.

I like that they acknowledge crypto's role as a cross border means of exchange, not only for consumers but in some cases with large institutions like banks:

It is reported that using stablecoins for cross-border payments is 80% less expensive than traditional payment methods.

How do people envision the future of crypto mass adoption, outside of this poll?

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[Hispo]

I am confident already that Bitcoin adoption is going to grow, but these numbers sound a bit exaggerated. Also, I would have expected them to highlight a bigger projected adoption in Latin American in comparison to Europe and the United States, since there are countries in the former where using Bitcoin and altcoins can provide very appealing advantages against inflation, crime and oppressive government.

It seems this study does not consider the impact that CBDCs in Europe and USA could have on the adoption in a few years either. The government of the United States is already hinting they are not going to tolerate a major stable coin to compete against their digital currency.

https://cointelegraph.com/news/sec-lawsuit-against-paxos-over-busd-baffles-crypto-community

Time will tell.

[davis196]

The creators of this poll consider stablecoins to be "crypto". I don't think that the stablecoins can be viewed as cryptocurrencies.
Anyway, 50% growth seems way too much on a global scale. Maybe in some regions the growth of Bitcoin/crypto adoption would be significant, while in other regions the growth would be relatively small. I would say that 10% annual global growth of crypto adoption is a more realistic expectation. That doesn't necessarily mean that the cryptocurrency prices will skyrocket.
I'm not sure about how accurately crypto adoption could be measured. We still don't have verified data about the exact amount of people and businesses around the world, that are actively using cryptocurrencies on a daily basis.

[Lucius]

Around 97% of the respondents in the survey believe that crypto payments will have a major role in faster payments within the next three years. Over half of the surveyed leaders expect most merchants to adopt crypto payments within this period.

Although Bitcoin is mentioned here, it is obvious that the main focus is on something else - namely altcoins and CBDC, which leads to the conclusion that Bitcoin is just bait, and the average reader should swallow something completely different if they believe the story. If 97% of respondents have a positive opinion that "crypto" will play a major role in fast payment systems in the next three years, should we even doubt who they asked that question to?

If you asked that question to the technologically aware Chinese, what would they say? Well, a few years ago, an article appeared about an allegedly influential crypto miner from China who stated the following :

Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and governments.
In 2014 he set up an operation to produce one of those currencies, Bitcoin, in a secret location in western China.
---
But now he sees a new force emerging - a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). It's really a digital version of China's official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency. "One day everyone in the world will be using DCEP," he says.

[karmamiu]

Around 97% of the respondents in the survey believe that crypto payments will have a major role in faster payments within the next three years. Over half of the surveyed leaders expect most merchants to adopt crypto payments within this period.

Although Bitcoin is mentioned here, it is obvious that the main focus is on something else - namely altcoins and CBDC, which leads to the conclusion that Bitcoin is just bait, and the average reader should swallow something completely different if they believe the story. If 97% of respondents have a positive opinion that "crypto" will play a major role in fast payment systems in the next three years, should we even doubt who they asked that question to?

If you asked that question to the technologically aware Chinese, what would they say? Well, a few years ago, an article appeared about an allegedly influential crypto miner from China who stated the following :

Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and governments.
In 2014 he set up an operation to produce one of those currencies, Bitcoin, in a secret location in western China.
---
But now he sees a new force emerging - a payment system created by the Chinese state and known as Digital Currency Electronic Payment (DCEP). It's really a digital version of China's official currency, the yuan, and Mr Guo feels DCEP will become the dominant global currency. "One day everyone in the world will be using DCEP," he says.

It's as if he was declaring that it will become the next reserved currency. We are all aware that there is a heavy requirements to become a reserve currency. I may not be an expert when it comes to financial aspects on the global economy, but I know for sure that China is one of the candidates to be the center of economy and make yuan a reserved currency. In fact China isn't the only one to qualify as far as I can remember.

[KingsDen]

Already bitcoin adoption is on the increase lane, and it will continue to increase.
I was surprised when I stumbled on an article that outlined the Bitcoin increase even in this period that the bear market lasted for so long.
People are beginning to understand the importance of Bitcoin in the economy. And how is likely to make someone financially independent from government and other institutions. The statistics of this increments that is anticipated by 2025 is just because of the expected 2024 bull run.

[Cryptomiles1]

It's not arguably that there is a max adoption that would take place very soon, I believe if the major country gets involved then legalization is sure, looking at 3 years to come there would be a tremendous changes in the cryptospace, I think the world have started realizing the economic values of indulging in bitcoin and cryptocurrency at large.

[naira]

Of course, of the total percentage of the 6 diagrams, 100% really tell about Bitcoin or indeed a mixture of altcoins. So maybe only a few percent of Bitcoin is put into it so the conclusion is who knows how much percent Bitcoin generates at the level of public trust to transact. The concern is that CBDCs and Altcoins dominate. in other words, if you look at the Global Crypto Adoption Index in 2022 that there is a worldwide slowdown in bear market times. However, Q2 2019 to 2022 saw an increase:

https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/#top-20

• Ten are lower middle income: Vietnam, Philippines, Ukraine, India, Pakistan, Nigeria, Morocco, Nepal, Kenya, and Indonesia
• Eight are upper middle income: Brazil, Thailand, Russia, China, Turkey, Argentina, Colombia, and Ecuador
• Two are high income: United States and United Kingdom

[Lucius]

It's as if he was declaring that it will become the next reserved currency. We are all aware that there is a heavy requirements to become a reserve currency. I may not be an expert when it comes to financial aspects on the global economy, but I know for sure that China is one of the candidates to be the center of economy and make yuan a reserved currency. In fact China isn't the only one to qualify as far as I can remember.

Maybe in some big global adjustment that will happen in 50 or 100 years, but in order for the Chinese to succeed in imposing their national currency, changes would have to take place that seem unrealistic from today's perspective. Countries like the US, UK, EU or Canada have business relations with China because it provides them with cheap labor and logistics, but politically they do not agree with Chinese politics, which is still full of communist doctrines.

[Fiatless]

The top four use cases of crypto payments include remittances, cross-border B2B payments, card payments, and digital payments. Remittances take the lion’s share of this, with foreign workers taking to crypto to avoid high transaction fees when sending money home to their families.

This data might have sum defects but it is a good news to the Bitcoin community. I am not also comfortable when Bitcoin is equated with other cryptocurrencies but the news is still a good one.

But I am very happy when I saw that Bitcoin is helping families to avoid transactions fees when they are sending money to families abroad. This is a clear indication that Bitcoin was created to help reduce the exploitation and burden placed on people by banks and their partners. Most of these workers are from poor countries and a few dollars saved through cheap transaction fees will assist the receivers financially.

[Husires]

It is reported that using stablecoins for cross-border payments is 80% less expensive than traditional payment methods.

Accepting Bitcoin is a first step, and when they find that many people are willing to pay, they will accept it, but the problem lies in keeping Bitcoin.Do all stores bear price differences and long-term investment? And how will you deal with the price change when the user requests an automatic refund.
What I'm trying to say is that it's the demand and people's willingness to pay in bitcoin that forces stores to use it, not the other way around. Most of us deal with Bitcoin as an investment and if there is an option not to spend Bitcoin, he will not spend it.

[Fortify]

The concept of bitcoin mass adoption growing 50% by the year 2025 is quite a staggering projection.

According to poll data the middle east could be the region with the highest crypto mass adoption growth. I wonder if it could be related to prohibitions of islamic banking and finance?:

https://en.wikipedia.org/wiki/Islamic_banking_and_finance

The poll claims europe the united states and other nations of the world are also expected to exhibit high rates of cryptocurrency mass adoption growth over the next few years.

South america is an exceptions with major residents in those regions preferring to use gold or silver coins rather than electronic means of exchange. This trend helps to explain why el salvador has had difficulty achieving higher rates of bitcoin mass adoption. Unfortunately, I could not find a sample size for how many poll responders there were.

I like that they acknowledge crypto's role as a cross border means of exchange, not only for consumers but in some cases with large institutions like banks:

It is reported that using stablecoins for cross-border payments is 80% less expensive than traditional payment methods.

How do people envision the future of crypto mass adoption, outside of this poll?

Newsflash: People that have a business model revolving around cryptocurrency and are heavy in to Bitcoin, promote more Bitcoin adoption in future. It's kind of laughable to claim that a Bitcoin transition will make payments faster - banks can move money around almost instantaneously already and depending on the country you live in, will offer this ability for free too. It's not ground breaking and is no reason for it to receive more usage. The only major benefit that really exists with Bitcoin is cutting out middle men, both across borders and at various banking layers, for countries where the consumer is still getting overcharged. Foreign exchange fees are also more negotiable and it's overseas workers sending money home via remittances who will benefit the most from these things.

[hatshepsut93]

Bitcoin transaction activity today is very similar to where it was a few years ago. So if people talk about growth of adoption, it probably means that there's a lot of new investors who hold their coins (hopefully not on exchanges) and wait to sell the, rather than paying with them for goods and services. Because Lightning Network is still not widely used when compared to onchain transactions.

Also, this research probably counts Bitcoin transfers on PayPal and other custodial services as Bitcoin transactions, a view that we Bitcoiners do not share.

[karmamiu]

It's as if he was declaring that it will become the next reserved currency. We are all aware that there is a heavy requirements to become a reserve currency. I may not be an expert when it comes to financial aspects on the global economy, but I know for sure that China is one of the candidates to be the center of economy and make yuan a reserved currency. In fact China isn't the only one to qualify as far as I can remember.

Maybe in some big global adjustment that will happen in 50 or 100 years, but in order for the Chinese to succeed in imposing their national currency, changes would have to take place that seem unrealistic from today's perspective. Countries like the US, UK, EU or Canada have business relations with China because it provides them with cheap labor and logistics, but politically they do not agree with Chinese politics, which is still full of communist doctrines.

That's also true. Realistically, it would be much more difficult for people like me who're living in a 3rd world country if it happens that China will become the global center of economy. Just like what's quoted above, communist economy is like a humane way of implementing dictatorship.

[slapper]

Coin enthusiast, you are in for some mind-blowing data. Experts believe that the use of cryptocurrencies will increase by a phenomenal 50% by 2025. Your thoughts on that growing trend? It's mind-boggling to think about the dramatic effects this technology could have on the way we conduct business and trade value. Traditional institutions, such as banks, are now incorporating stablecoins. This demonstrates the enormous potential of the technology at hand. Is there any limit to the wonders that lie ahead? The future holds many unknowns.

[Lucius]

~snip~
Traditional institutions, such as banks, are now incorporating stablecoins. This demonstrates the enormous potential of the technology at hand. Is there any limit to the wonders that lie ahead? The future holds many unknowns.

Everything that's happening has nothing to do with Bitcoin, because it's just something that could be called digital centralization, and CBDC is nothing more than that - it's more about the fact that even the little privacy that exists today will disappear. The technology you are talking about really has great potential, but in the wrong hands it is nothing more than a tool for even greater mass control.

But today, with good marketing, you can sell anything, even the idea that CBDCs are some kind of government version of Bitcoin, and if millions of people still believe that the earth is a flat plate, then I have no doubt that hundreds of millions will be delighted when their governments offer them tokens backed by central banks.

[buwaytress]

Point already mentioned above re CBDC or even blockchain tech. Not the same thing as Bitcoin adoption, if anything, farther away especially with private blockchains

Re the report, still trying to figure out what adoption means there. I'm not going to go super pedantic anyway (owning keys, since mass adoption will most likely mean people shouldn't figure out how to be sole owners or access to their crypto) but I do think that at the very least, the apps people use to "buy/own" crypto should at least interact with the blockchain. Not true with most apps I know people use (broker apps, no actual wallet).

[famososMuertos]

I am going to refer more to your comment OP El Salvador is a very particular case, in fact it started today, I mean today in the sense that Bitcoin is on track for another year and Bukele is just achieving a complex social order.

 So the issue in that case is not relevant to what Bitcoin is as a means of payment and it may not be rooted in people but there is adoption like nowhere else in the world, it is formal.

 In other words, having any growth measurement cannot be subject to a survey, formal events must take place, protected under the law.  That is the adoption that can be quantified.

 Because the one that everyone tries to give a percentage is there giving each individual their opportunity to be in Bitcoin, that adoption is intangible for now, immeasurable, but it is growing every day.