According to recent panel data, the global population believes that cryptocurrency adoption is going to grow by 90 percent within the next ten years.
Adoption Will Grow Heavily Over the Next Decade
Right now, despite crypto’s growing popularity, the number of crypto users in the world is around 300 million people. That’s about four percent of the global population.
The panel in question was composed of several financial experts including Richard Byworth, the CEO of EQONEX Group in Singapore, and Luke Dorney, the head of sales and partnerships for Zodia Custody. The former is a full-service crypto firm and digital exchange, while the latter provides crypto custody services to financial enterprises throughout the United Kingdom.
Dorney was quick to comment about the growing state of bitcoin. He’s positive about the future and thinks bitcoin will hold a prominent position in global society. He explained:
I’m bullish on the adoption [of crypto] driving upwards purely on the basis that I’m seeing so many traditional firms entering this space and needing to talk to someone like us. We’re seeing global asset managers setting up their structures already, and there’s more coming down the pike.
Byworth was also quick to throw his two cents in, claiming that we’re only in the initial stages of the adoption phase, though he believes things are likely to pick up in the coming months and years. He says:
I think we’re in the early majority phase of the adoption curve, and that means you’re looking at people coming in now that aren’t willing to take major risks. You’re going to run into issues where investors will complain to regulators if they get scammed… So, regulators need to wake up and realize that they need to protect people from some of these issues.
One of the big things that EQONEX does is it provides a thorough list of what it calls “sensible blockchain projects” that ultimately offer the best security to customers. Fraud and theft are two growing problems in the crypto space, and the company is eager to do something about them. Byworth says:
I think that’s the way regulators need to look now that we’re starting to see much broader adoption coming into this industry.
Dorney added:
We’re here to help with the development of the post-trade infrastructure for institutional clients investing in crypto. What we’re interested in doing is trying to improve on what’s already been built today and make it a safe environment for our clients to break down the barriers of entry.
What Is China Up to?
Thoughts were also shared regarding the recent crypto ban that occurred in China. Byworth is confident it is because the country wants no competition for the digital yuan. He says:
My view, very strongly, is that it’s related to the digital yuan, and they want to make sure that there’s no competition for that. There’s no doubt that they will use their long arm to influence other jurisdictions, and one they can probably influence the most is likely to be Hong Kong.
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