According to forecasts by Bloomberg Intelligence analyst Jamie Coutts, if current adoption rates continue, daily users of blockchain technology could reach 100 million by 2028.
Coutts noted on X (formerly Twitter) that blockchain adoption has “increased” during the bull and bear markets of the past few years. “Not being exposed to one of the biggest structural trends of the next decade could be costly,” the analyst said.
Data from Coutts shows that daily active addresses exceeded 5 million in the third quarter of 2023, an increase of 14% from 2022, and the average quarter-on-quarter growth rate since 2019 is 29%. “If we adopt a more modest 20% sequential growth rate, we will reach 100 million daily users by 2028.”
Bear market/bull market, adopt #blockchain Technology continues unabated. Failure to gain exposure to one of the biggest structural trends of the next decade could prove costly.
5 million per day #cryptocurrency Today’s users may reach 100 million in less than 5 years.
— Jamie Coutts CMT (@Jamie1Coutts) November 3, 2023
Coutts compared blockchain adoption rates to PayPal’s growth rate. According to him, it took the financial technology giant 13 years to reach 100 million daily users. “If Ethereum is Day Zero (in 2015) for smart contracts, then it may take a similar time frame for blockchain to reach similar levels of adoption,” he added.
If the current pace of adoption is maintained, blockchain company valuations are also likely to rise. Coutts noted that fundamental regression suggests that once it reaches 100 million users, the blockchain ecosystem could be worth between $5 trillion and $14 trillion. “That’s up from $350b today.”
Coutts’ prediction is consistent with data showing continued interest in blockchain technology. Despite the market downturn, crypto industry growth grew by 5% in 2022. Additionally, a survey conducted by Celent in 2022 revealed that 91% of institutional investors are interested in investing in tokenized assets – blockchain-based tokens that represent ownership of an asset. Physical and digital assets.
Coutts predicts: “While such oversimplified extrapolations should never be used for valuation purposes alone, this approach demonstrates that users and price are inextricably linked, and that as adoption continues, certain The prices of some assets could rise significantly.”
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