Study says 200 million people will be using bitcoin in 2024
Media outlets revealed an interesting prediction. According to some analysts, the number of bitcoin users will actually reach 200 million by 2024. The prediction was made considering the current impressive growth rate of the cryptocurrency.
A previous study conducted by Dr. Garrick Hileman and Michel Rauchs from the University of Cambridge, in March 2017, indicated that the number of bitcoin users was between 2.9 million and 5.8 million. This means that the prediction is quite optimistic, but considering the growth of the bitcoin so far, it surely is not impossible.
The number of bitcoin users has definitely increased since March, as in November, Coinbase, the largest bitcoin exchange, indicated that it recorded 1.2 wallet users on its platform during the month. The platform now serves a total of 13 million users. Other big platforms also have around one million users. Here can be included Bitflyer and Bithumb.
Around 15 million people use blockchain wallets
Some estimates indicate that at the moment there are 15 million blockchain wallet users. But, according to some analysts, the number of bitcoin users will actually grow over the next seven years to reach 200 million. For this high number of users to be achieved, most likely analysts expect that bitcoin will reach the mainstream market. This means that both the majority of investors and causal customers will be using the digital currency.
The stability and usability of the bitcoin is expected to be improved as more financial institutions will start providing services that are based on the cryptocurrency. Gradually, this might mean that regular users will start adopting bitcoin as a day to day currency and use it to replace physical currencies.
This might also mean that the bitcoin will be subjected to new legislation and regulations that could also make the cryptocurrency a more viable alternative to cash.