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A few Crypto and Blockchain trends I am Looking forward to in 2022 and beyond
As of 2022, there are about 200 Million people who own and use some sort of cryptocurrencies, while close to 20,000 businesses accept cryptocurrencies as payments globally. Over the next few years (3 to 5 precisely), we will be onboarding about 800 Million more people, to reach the 1 Billion mark of people owning and using cryptocurrencies. With the unfolding of the current Russia-Ukraine crisis, it has come to light that cryptocurrencies adoption might even be faster than anticipated, propelled by conditions- whether human made or natural, in which cryptocurrencies are designed to prevail. The reason I mention the numbers above is to give a reference of where we could be headed, and get a sense of how long it could take to get there, what trends might drive this growth in adoption, and the implications of thereof.
Adoption of a New technology can be represented on a curve that plots time against the amount of population that uses the technology (penetration). For the internet, it took 7.5 years to go from 100 Million users to 1 Billion users. For cryptocurrencies, I choose to use Bitcoin adoption as reference for cryptocurrencies adoption. Looking at the current growth rate in Bitcoin adoption, it is projected that it might take about 4 years to go from the current ~200 Million users to 1 Billion users. Looking…
