On November 15, the world’s population exceeded 8 billion; the subsequent billion will arrive in another 15 years.
World Bank’s Report
With 8 billion people currently inhabiting the earth, the population has just passed a significant milestone. In the meantime, the use of cryptocurrencies is rising. Cryptocurrencies — Too early or too late? It was the title of a report released on Monday. The world’s largest bank referred to cryptocurrencies as “viable investments,” but there was no rush for investors to enter the industry, which was still developing. Given that the cryptocurrency market is “relatively new” compared to other asset classes, Wells Fargo’s global investment strategy team did not agree that it was “too late to invest” in it.
Crypto Adoption Trajectory
The banking giant claims that the adoption trajectory of cryptocurrency’s underlying technology is similar to the internet in the early-to-mid 1990s, when “consumers still required time to understand the technology, and how it might benefit them.” The increased use of cryptocurrencies, like the internet, indicates that “the world is quickly adopting the technology.” A report found 221 million crypto users worldwide instead of 100 million in January 2021.
The world’s population exceeded 8 billion on November 15, according to Worldometer, which extrapolates data from a United Nations report for 2022. This represents a doubled increase from a record of 4 billion people in 1974, or almost 48 years earlier. The population will continue to increase slowly through 2022, with an annual growth rate of about 0.84%. This could indicate that it will take another 15 years for the world’s population to reach 9 billion and that 10 billion will be reached in 2080.
With approximately 36% of the world’s population, China and India are the two most populous nations. Although estimates vary, there currently needs to be an agreement on the percentage of the global populace that owns digital assets like cryptocurrencies.
Crypto Adoption Statistics
According to market research firm GWI, up to 10.2% of internet users aged 16 to 64 around the world are crypto owners, with most of the ownership concentrated in countries with high inflation or currency fluctuations.
In 2022, the global cryptocurrency ownership rate is expected to be approximately 4.2%, with more than 320 million users globally, according to Singapore-based blockchain company TripleA. With 46 million cryptocurrency owners, the United States ranked first, followed by India, Pakistan, and Nigeria.
As reported earlier this year, Blackware Intelligence predicted in June that by 2030, the use of Bitcoin alone will reach 10% globally.
Chainalysis Report
In its 2022 Global Crypto Adoption Index, released earlier this year, Chainalysis assessed 146 nations in five areas. A study revealed that Vietnam has the highest adoption rates worldwide, followed by the Philippines, India, Ukraine, and the United States. However, the study made no mention of precise ownership numbers.
However, estimating the amount of cryptocurrency ownership in China is still challenging. The world’s most populous nation is thought to have a sizable share of tech-savvy, crypto-hungry citizens. The current ruling government, however, has other plans. No precise data on cryptocurrency ownership is available. Crypto acceptance will unavoidably continue to rise around the world.
Conclusion
According to recent reports, if this pattern holds, cryptocurrencies may soon pass through the early adoption stage and reach a point of hyper-adoption, like other technologies. Adoption rates reach a certain point and then continue to grow. Regardless of the exact data, there is no denying that the acceptance of cryptocurrencies worldwide is growing and may soon reach a hyper-inflection point.
