Crypto.com: 1 Billion Cryptocurrency Users By The End Of 2022

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(Edited)

Welcome to an industry that is going to triple in size over the next 12 months. This according to the latest report by Crypto.com detailing the last year in crypto along with their forecasts for 2022.

Most are aware that cryptocurrency is expanding at a massive rate. However, this forecast highlights precisely what pace we are moving at. Essentially, this means adoption is happening at about 3 times the pace of the Internet. Think about that for a moment.

To say that 2021 was a stunning year in cryptocurrency is an understatement. Yet, it appears this is going to be topped by the ensuing 12 months. This will be a wild ride for all involved.

300 Million Users

The report projects that the number of cryptocurrency users is around 300 million. This is up from the start of the year where there were just over 100 million.

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As we can see, the number was 292 million on November 30th. That is a tripling of the user base, a mark which is expected again in 2022.

According to Crypto.com research, there were over 292 million crypto users
worldwide as of 30 November 2021. Based on data by TripleA, more than 18,000
businesses are already accepting cryptocurrency payments. In particular, India (100M), the U.S. (27M) and Russia (17M) were the largest crypto population countries.

Now consider what things will look like when we see the total grow to 1 billion users. That is about 13% of the total global population and more than 20% of the online community.

In other words, we can expect another phase where we see massive growth.

GameFi Is The Path To Mass Adoption

It is no secret that online gaming is enormous. This is also one of the areas that aligns ideally with cryptocurrency. The gaming world is accustomed to using in-game tokens as well as owning digital assets. Where we see a drawback, presently, is none of that can transform outside the individual game. Cryptocurrency, specifically NFTs, is changing this.

For this reason, many, including the Crypto.com team, foresee gaming as the path to public adoption of cryptocurrency. It makes sense when we consider how many gamers there are.

gamers.png
Source

According to this, we see the number at somewhere near 2.7 billion people play games online. That is about half of all Internet users. It means that we see a knowledgeable market that could easily adopt cryptocurrency. They are already using the basic mechanics of tokenization. Now it is just a matter of seeing that tied into blockchain.

Situations like this see new concepts spread like wildfire. The #Play2Earn idea could take hold very quickly. As more games roll out, offering higher quality than the first couple generations, the migration of users could be swift. This is where hundreds of millions of cryptocurrency users will suddenly enter this realm.

Big Money Players

Michael Saylor and Elon Musk get a lot of attention within the cryptocurrency community. However, on the grand scale, they are bit players. The real money is within the banking and financial institutions. There is where there trillions of dollars are located.

This year we saw some of the largest banks position themselves to benefit from cryptocurrency.

Here is a chart that shows the timeline of some of the best known financial institutions.

crypto.png

We know this is a process that will continue. At the same time, the size of the institutions is only going to increase. There are going to be pension funds and money managers with trillions under management who enter this arena. It is also likely sovereign wealth funds start to buy in (if they aren't already).

The point is we are going to see a lot more money rolling into this realm.

Another factor is the entrant of retail investment money. While the industry is made up most of that for the moment, holding cryptocurrency is still too complicated for most. This excludes it as an investment vehicle for the average person.

That will changes as different funds are established. Grayscale did well with its different trusts that were set up. However, that is not as common a vehicle as ETFs. In the United States, a number of Bitcoin futures ETFs were approved. So far, the SEC resisted an ETF based upon the spot price but that is likely to come in 2022. As other countries approve that, the U.S. is going to have no choice.

Here we will see the floodgates open where institutional and retirement money can flow in. This is an amount that is order of magnitudes higher than what most people have in terms of their basic investing monies. Accessing the retirement capital is a huge step forward.

Compounding Effect

Things are going to explode. There is no other way to capture what is going to happen. The numbers tell the story but only partially.

When we look at the raw data, a tripling looks like an impressive move. Certainly it is. However, that does not foretell the impact that all of this will have.

With cryptocurrency, we see a compounding at every layer. There is an interconnection that takes place. When one area benefits, the impact is felt elsewhere.

So far, we look at gaming, Decentralized Finance (DeFi), NFTs, and Decentralized Autonomous Organizations (DAOs) as separate concepts. They are discussed like they are individual sectors. The reality is that they are going to overlap and be intertwined with each other. That means any breakthroughs will have significantly greater impact than just upon the first area of focus.

Another 600M-700M people involved in cryptocurrency is going to create a situation where we things grow by an amount greater than a 3X.

Here is where the overlooked Reed's Law enters the picture.

image.png

The forming of groups (communities) is really going to create a network effect that surpasses what we saw before in the online world. While traditional social media did a fantastic job leveraging this concept, it is about to be taken to another level as communities also double as economies, containing a wide range of financial and social services. Entire businesses are going to be built and scale within the community, riding the same growth curve. The fact that anyone within the community can do this moves the effect much further out.

We know the digital world is not constrained by the same physical laws as the "real" world. Things move much quicker and can scale to a larger level. Dealing with bits is a lot easier than messing with atoms. It is why companies like Amazon and Facebook became so large in a relatively short period of time.

Cryptocurrency is entirely digital. All the concepts mentioned in here operate in this realm. Hence, the scalability and reach is much greater than what we saw in the past.

Adding another roughly 200 billion users to cryptocurrency is a major step forward. However, it is a level that will be far surpassed in 2022.

It is going to be a wild ride.

Let us know in the comment section what your forecasts are for the upcoming year with cryptocurrency.


If you found this article informative, please give an upvote and rehive.

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1 billion users is a lot. If this happens crypto will skyrocket.

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(Edited)

Did @blocktrades ever reveal what their secret project was from a few months ago on a development call? My memory was it had to do with scalability, but I can’t remember the specifics.

It would also be great to finish off RC delegations. I feel like that code was written almost 6 months ago, just needs to be tested, and doesn't require a HF to roll out.

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I have not heard anything about it. But then there hasnt been a dev call in a few weeks nor any BT updates.

So we will have to see what comes out in terms of news after the holidays. Thinks might be winding down for the year.

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We've actually been really busy, so busy I just haven't had time to put together a report yet. Probably tomorrow or this weekend.

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No problem. Figured the holidays were interrupting the flow as they always do. We know things are in the works and just a matter of time before you reach out with the updates.

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Yeah that would be great ! That really seemed interesting and some good updates are always welcome !

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I am really glad that I bought up some of the CRO tokens when I did. Crypto.com seems to be positioning themselves really well to take advantage of everything that is about to happen. After reading this post, it really has me questioning whether or not everyone is a bit ahead of themselves. Like this current bull run we think we are in is just a precursor to the actual bull run that is going to happen next year. I know I have heard some people suggest that, but I wonder if there is anything to really back it.

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Well an appreciation of values only makes sense when you have 3x the number of users.

I think it is based upon projection of users, applications, publicity, and development. Plus you look at the cashflow coming in, and that money is going to end up somewhere.

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The governance structures that we are accustomed to will really start to shift as we approach 1 billion. The blockchain state(s) will begin to emerge (on a grander scale). It will be fascinating to see this play out.

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Very true. Things change as the numbers grow to rather large levels.

It will be interesting to see how many new governance systems are experimented with.

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As internet money continues to catch on, borders will become less and less significant. It will be an interesting/likely messy transition.

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200% user growth is insane. I honestly thought we were going a bit slower.

Nothing but explosions in front of us I guess. That CRO marketing approach seems to be doing the trick.

Institutional adoption was also a killer this year. I can't be more stoked for 2022 tbh.

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I am stoked for it too. I believe 2022 is going to be tremendous for Hive. We are getting closer to some very interesting projects finding the light of day. That will really help to kick things forward.

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First step to 1B Total user.

The day with 100M daily user will start MC explodes. Because it will go to that point super fast to 1B daily up to 2B daily. Up only at this point.

But i expect it needs a bit more time, multichain connections will be the key.

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But i expect it needs a bit more time, multichain connections will be the key.

It is going to be a big one. The internet segregated would not have worked well either. We need all the bridges and other types of mechanisms that make interoperability easy.

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Good thing I joined the crypto community this year and I have had a lot of income settled . Especially on hive and discord . We move

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We will see what that does for you personally next year. But I think you are in good position being here for what that is worth.

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I also want the HIVE users to increase in 2022.

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They increased this year with Splinterlands although it is not too noticeable since most are just operating in that arena.

But yes we need that to jump. I think #ProjectBank is going to have serious impact.

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1B users will be a milestone to gather momentum to reach higher numbers.
I am not sure what will click with blockchain and crypto. However, I think real estate and insurance sectors are the next to disrupt. That will bring additional 1 B into the crypto market making it a viable option.

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I would say they are down the road a bit because of regulation. Both those are heavily regulated in most countries so the transition will be slow.

There are lots of things we are going to see change. I think gaming is going to bring in bigger numbers. We will also see social media change in 2022. The emergence of DAOs is also going to have an impact upon funding.

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I agree. Gaming and social media are the sectors that have the young and risk taking critical mass of users. It would be easy to disrupt compared to the regulated and heavily guarded real estate and insurance sectors.

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I agree with you, things are going to explode. Regarding crypto.com report I'd say we have 300 million holders not users as very few are actually using crypto. Blockchain games will probably boost these numbers as some folks around the world will make a living out of that.

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Well a hodler had to acquire it somewhere. This means they are owners of wallets since their crypto is somewhere.

Also that number does not include all those investing in things such as Grayscale which does not use the crypto wallets.

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Hopefully crypto will get to 1billion user and if it does that's going to be a very big boom to the crypto world.obviously the adoption of cryptos is growing at Avery fast rate

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It is moving ahead. We will see if we can duplicate what was done this year in 2022. It is a rough order since that is a huge jump, especially back to back.

But if we even double it next year, get it to 600 million, that would be enormous.

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(Edited)

Honestly I will really be glad to see that happen cos its gonna be a win win for every one in the crypto world.in think that feet can be achieved because people are seeing more opportunities in cryptos than ever

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Numbers are our greatest ally. We need to get them growing. The more who are involved, the harder it is to control.

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Yeah you are right,the number really matters but what I don't understand is that will the numbers make it hard to control or easier for crypto users?

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I don't know if the current gaming is enough to convince people right now. I recently saw some videos about Roblox and it's marketing towards children. It definitely wasn't exactly the greatest and there were also some comparisons between NFTs and gambling on stocks. Also most of the people I usually watch still have not transitioned over because the games outside have much better quality. However this can change in the future.

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That's not the case only for video games. Most of the blockchains trying to make something else than money are often not really great.

Even Hive which is pretty great next to a lot of others is still not perfect. The best frontends are probable Peakd, Leofinance.io and ecency but most of the others are pretty simple, maybe too much. Hive.blog is one exemple, not bad but not enough to bring someone who would use it for something else than earning crypto.

The fact that the devs are not always maid is probably a reason. And they have to do something more than just creating a website, making is speak with the blockchain and have successful interaction.

If you add to that the fact that you always have to take some time to understand how things work in crypto. Understanding when you will pay fees or earn. Hive is complicated as hell to understand !

Crypto platforms like games or website need to be clear, nice and simple. !PIZZA

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Yea but that part has not been fleshed out so I think it will be a huge mess as everything gets sorted. I was a bit down to see how Roblox was using their economy and their huge cut of every sale and game.

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Sure is going to be exciting times happening.

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I only see this prediction come true if more than half of 2022 will still be under the bull market sign. Active userbase will rather contract during the bear market.

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There will come a time when that will not be the case. Could that be 2022? Who knows. But at some point people are involved for more reasons than just speculation.

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This charts looks exactly like I thought years ago when i hear about cryptos, such a potential thats finally being acknowledge

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Every part of this article got me thinking about what we are surely going to see in the blockchain. But there is one of them I see that will likely take pick up the pace soon, that is the gaming part and I have to just check and see what some games only on android look like, I tried shaking the picture but there is an error somewhere but in the picture the game

clash of clans had 500 million downloads alone.

Just on android alone, there is a big volume that will soon show up on the gaming on the blockchain, and the fact it can't be hacked it will show the greatest in one game after another.
Those that care only about figure and how much a crypto currency is worth will be filtered sooner or later.

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It comes down to making something that people want to play. I am not sure that really exists in blockchain gaming yet.

So far the focus is upon the earning part which is not likely to attract the masses. We need a kick ass game that, oh by the way, allows you to keep your rewards.

Then we can see a lot of adoption.

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That's very correct sir.👍

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Judging by Cardi B's latest tweet, a lot of normies would still disagree with you. What an opportunity to get involved before the masses realize what's actually about to happen.

https://twitter.com/iamcardib/status/1473087732486270978

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I am not sure that Twitter thread has anything to do with what is proclaimed in this article.

Where does this article talk about replacing the USD?

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I haven't used Crypto.com in a while since my wallet was stolen and lost the card and it was going to be like an act of Congress to get a new one. But I have recently been looking back at them to do some Cosmos (ATOM) exchanges because Coinbase just sucks and won't update their Cosmos wallet nodes.

They had some great earnings for a while too but the rates dropped real quick and I found better opportunities. But their name is what is going to drive their adoption for sure!

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This is most likely the bottom end numbers as well considering how quickly growth can happen. 1 Billion is big in our thinking but still relatively small considering the next growth phase that will surely happen.

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12 months ago we would have said 292 million was a big number and no way we would hit it. According to their research, we did.

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That's funny, I just ordered a Crypto.com credit card ! For the first time I'm going to have a real link between my Fiat money and Crypto with the Cashback and that would make it easier to buy crypto with fiat if I have enough of it to invest.

I hope this will not only stay in countries where it's already starting to be mainstream and will also hit some leftovers countries ! !PIZZA

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I believe there will be 1 billion cryptocurrency users provided there is no dip in prices since new members are willing to make money fast

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The masses arent going to come for the money. It is going to have to be another point that attracts them.

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That will be better for them, let's wait and see. Here in Africa most people loss interest when money isn't made.

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Am loving this already...well crypto has come to stay and am happy it is being gradually embraced even by those who seems to control the centralized system. Although it is till considered to be in it developmental stage but am sure it will make history.

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We have chosen to support your post because you are one of the good promoters of Hive on Twitter based on our Hive Twitter Daily Report.

We appreciate your time and enthusiasm for promoting Hive!

Keep up the good job! 😍😍😍

This is done with the support of #theycallmedan and the #threespeak team.

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Crypto.com is getting a lot of the hype recently, but with that whapping 3% fee myan!! it's just not going to work. They need to reduce those fees down.

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It won't be the first wild ride I've taken. Bring it on! !BBH

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There is so much more to you than sewing beautiful garments :-D

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Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work

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To gamify something is to make it much easier to learn. In the 8th grade, I took typing. We practiced on IBM electric typewriters that had blank keys.
I failed the class completely but was still able to pass on to the 9th grade as it was an elective course.
20 years later I discover Mavis Beacon Teaches Typing. Now I type well enough because they took a painfully boring process and turned it into a game.
When people are able to BlockChain game on their phones mass adoption will appear to be overnight.

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I, personally, am very excited to see DAO's and DeFi starting to organize and effect the manufacturing industry, especially chemical manufacturing and pharmaceutical grade drug production. This will, no doubt, have pitfalls too but I think it's rather inevitable given the state of healthcare in certain parts of the first world and all almost all of the second and third worlds.

Yes, the technology for this is still nearly a decade away, and likely we're still a few years out from the introduction of this idea to niche circles (then again, it's sort of happening right here), but I'm really hoping to see serious plans or some sort of indicator that this is in the discussion stage (if not planning) in 2022.

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