Cryptocurrency trading platform Crypto.com has estimated that 1 billion people will invest in cryptocurrency by the end of this year.
Based on the data collected by the company, the declines that hit cryptocurrencies during 2022, have raised their attractiveness to investors, as the number of cryptocurrency dealers has tripled over the same period last year.
The recent declines have led Bitcoin to lose about 45% of its highs achieved last November.
The majority of people who invest in digital assets buy for speculative purposes, hoping to make a return, said Great Trakulhon, investment analyst at Titan Global Capital.
But a host of notables have backed cryptocurrencies including the recent wave of politicians and athletes accepting paychecks via Bitcoin, adding to the buzz around the expected mass adoption.
Despite the obstacles, crypto proponents see 2021 as a breakthrough moment for digital assets, as the number of holdings increased by 178 percent to 295 million investors, according to Crypto.com.
In turn, CEO of FTX, Sam Bankman-Fred, said there is a real chance of reaching the 1 billion holdings.
“There are some apps that themselves have about a billion users, so if one of them ends up introducing many users to encryption, that alone could get you very close,” he added in an interview with Bloomberg. “We’re not really far away”.
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