The Boston Consulting Group (BCG) has published a report that says more people will start using Bitcoin. The report comes at a time when the cryptocurrency market has lost a lot of value, and big industries like Celsius filed for bankruptcy. Many community members think it’s too late for new investors to join.
Crypto set to hit 1 billion users in 2030
The BCG, Bitget, and Foresight Ventures report said that the cryptocurrency industry was still at the beginning of the adoption phase. The numbers show that cryptocurrencies weren’t used nearly as much as traditional financial assets.
Only 0.3% of individual wealth is in cryptocurrency, according to BCG. This is small compared to the 25% wealth invested in shares. Low adoption shows space for growth and improved acceptance in the crypto sector, according to the analysis.
The report also compares the process of getting 1 billion people to use the internet to the current number of cryptocurrency holders and Ethereum addresses with balances that aren’t zero.
Researchers have predicted that if the crypto market keeps going the way it is, there will be 1 billion users by 2030. This growth could signify that the crypto space has gone mainstream. It also suggests that this market will remain an alternative asset class.
Adoption of NFT and the metaverse
The Web 3.0 and cryptocurrency industries are rising, and blockchain technology is making these areas more popular. Changes to non-fungible tokens (NFTs) and the metaverse make it possible to move toward Web 3. People also think these two areas will have high adoption rates in the coming years.
A consulting firm called verified Market Research just released a report saying that the NFT space could see considerable gains in the future. The report also noted that the NFT space could be worth $231 billion in the next ten years.
The report also said that the NFT market could grow by an average of 33.7 percent yearly. Some of the things that have led to this level of growth are music, movies, and sports.
The growth of the metaverse has also been mentioned. A report by McKinsey & Company said that the metaverse could be worth $5 trillion by 2030. McKinsey is a global consulting firm that surveys companies and consumers in different countries. They also analyze industries to determine how people tend to act.
The report concluded that the e-commerce giant would be a big part of how much money is made in the metaverse. By 2030, $2.6 trillion could be made through E-Commerce in the metaverse.