According to a Statista report, there are were almost 45 million crypto wallet users as of the fourth quarter of 2019, 32 million up from the same period of 2018. Over 21.5 million Bitcoin wallets are holding at least $1 million.
Blockchain can help boost crypto adoption.
The CEO of Coinbase compared the adoption of cryptocurrency to the expansion of the internet. Five billion is a very ambitious number to target as there are not even that number of internet users in the world. According to Statista, there are only 4.5 billion people in the world who have access to the internet. Even if one billion people in the world start using cryptocurrencies, that would be considered a huge achievement and mainstream adoption.
In conclusion: I think it's still very much up in the air which blockchain will help get crypto from ~50M users to 5B. The chain that manages to ship some of these scalability, privacy, decentralized identity, and developer tool solutions will have a big leg up.
— Brian Armstrong (@brian_armstrong) March 4, 2020
Positive crypto regulations can help increase adoption.
In order for cryptocurrencies to go mainstream, there need to be positive and more clear regulations around the industry. This week has been quite positive for crypto in terms of global regulations. The Supreme court of India lifted the banking ban on cryptocurrencies on 4th March, which has allowed crypto exchanges in India to operate once again. South Korean parliament passed a bill making crypto trading legal in the country. Positive regulations like these can surely help increase the number of crypto users.
