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How Possible Crypto Will Hit 1 Billion Users By 2030

The Boston Consulting Group, a global management consulting firm founded in 1963 predicts that there will be 1 billion crypto users by 2030, with blockchain used in everything from identity management to procurement processes and supply chains. But what exactly does this mean for crypto? Is it just hype or is it actually going somewhere? And what challenges still lie ahead?


Blockchain by the year 2030 - BayaniChain


Blockchain is a distributed ledger, whereas Bitcoin is the first application of blockchain technology. While blockchain may have been born out of Bitcoin’s need for a new way to ensure value and payments, it has since emerged as its own standalone solution for businesses.


In a joint effort by BCG, Bitget, and Foresight Ventures — the adoption curve of crypto is just starting. They have estimated based on their report that 0.3% of individuals’ wealth is currently held on crypto assets. Compared to 25% in equities, the room for growth is still huge.


Blockchain by the year 2030 - BayaniChain


The report uses the previous adoption rate of internet users way back 1990s to the number of cryptocurrency holders serving as the proxy for the current web3 users. And if the trend continues to hold, then it is likely to reach 1 billion users by 2030.


Additional data supporting this target is the market players such as institutional investors, hedge funds, and VCs who almost doubled their exposure to around $70 billion from the 4th quarter of 2020 to the end of 2021.


Despite the market slowdown, BCG still believes that crypto is here to stay. According to them, the top 20 coins of today are now very different from what they were 3 to 5 years ago along with the market maturity and innovation of more than 10,000 dApps compared to around 800 in 2017.


More use cases are now soaring and becoming deeper and through this, projects are learning from each other from being just a concept to becoming a key infrastructure that supports various types of dApps such as finance, commerce, gaming, and social media.


The next key challenge the market might face is the growing regulatory concerns from different countries. The industry is constantly evolving and staying updated with the rules in different global territories is not easy.


Blockchain by the year 2030 - BayaniChain


FinCEN, the U.S. Financial Intelligence Unit, introduced a new crypto regulation that imposes data collection for cryptocurrency exchanges and wallets last December 2020 and this is set to be finalized this 2022.


Finalizing the report from BCG — they believe that overtime, cryptocurrency exchanges will play an important role in the industry’s continued growth as global trading volumes increased significantly over the last two years. Implementing ways to protect its users such as simplicity, better risk management tools, tax/fees efficiency and becoming the provider for beginners to easily make their way into the web3 ecosystem will bring huge and unique opportunities that traditional financial services did not solve in the last century.


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