As of December 1, 2023, the current count of cryptoasset holders stands at approximately 575 million, indicating significant growth in the crypto community.
“Considering the positive trajectory, we anticipate the global count of cryptocurrency owners to escalate to as high as 850 million and potentially even reach 950 million by 2024,” stated the analysts.
Bitfinex remains highly optimistic about the future of Bitcoin and other crypto assets in general.
“The resilience displayed by Bitcoin throughout 2023, despite encountering various challenges relating to reputation and regulations, has been truly remarkable,” acknowledged the experts.
At present, the collective market capitalization of cryptocurrencies hovers around $1.6 trillion. However, due to the current dynamic climate, economists at Bitfinex suggest that this figure could double and reach a staggering $3.2 trillion.
Experts also anticipate an ongoing embrace of Bitcoin in El Salvador, where the digital currency holds the status of legal tender. In addition, a positive shift toward cryptocurrencies is observed in Argentina, as authorities signal their intention to permit financial contracts to be conducted using digital assets.
“Given the history of economic instability in these countries, it is rational to expect that citizens will continue to flock towards cryptocurrencies as a means of guarding against devaluation and inflation,” concluded the experts.
The stream of new users is also expected to be influenced significantly by the most eagerly awaited event of 2023-2024 – the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC). This approval, potentially granted as soon as early January 2024, has the potential to revolutionize the industry.
Notably, the SEC recently demanded that companies submit final amendments to their Bitcoin ETF applications, with the deadline set for December 29, 2023.