Crypto.com predicts number of crypto users to reach 1 billion

Lending and borrowing platform Crypto.com has released a document outlining its 2022 predictions for the industry. According to the report, 2022 could be the year that nation states realize that the crypto industry is here to stay, leading to a friendlier stance by countries around the world towards the industry.

  1. One billion cryptocurrency users by 2022
    The first prediction made by analysts at Crypto.com is that 2022 will be the year the global number of cryptocurrency users first hits 1 billion people.

As of November 30 this year, the number of crypto users worldwide stood at 292 million, the report said, while adding that the top three countries in terms of number of users are India with 100 million, United with 27 million and Russia with 17 million.

He added that developed nations will probably develop clearer regulations during the year, and some high-inflation countries could follow the example of El Salvador and “adopt cryptomonnaies as legal tender.”

  1. Cryptocurrencies will become “a staple” of investment portfolios.
    Second, Crypto.com predicts that crypto will become “a staple of TradFi [traditional finance] investment portfolios” through exposure to crypto suited to the traditional financial market.

“Cryptocurrencies are set to become a staple of the alternative asset class for investment portfolios. The first crypto ETFs [exchange-traded funds] launched this year have seen over-capacity demand, which suggests that other instruments in the traditional finance sector will follow soon, ”the report said.

He also notes that large companies in the traditional financial world, including Morgan Stanley , Citi , Goldman Sachs and JP Morgan , are looking to partner with crypto exchanges, and more companies are expected to follow in 2022.

  1. Play-to-earn, a catalyst for the adoption of cryptocurrencies
    Crypto-based play-to-earn games, sometimes referred to as GameFi, have grown exponentially in 2021, and will become “one of the main vehicles for massive conversion into the crypto space,” the report predicts.

Traditional game studios will be racing to introduce play-to-earn features into their games, further accelerating the boom in this area in 2022, according to Crypto.com.

  1. Multi-channel becomes the norm
    The researchers said that the development of a multi-chain environment already observed this year with many decentralized finance (DeFi) protocols, will continue.

“Cross-chain DeFi protocols will become the norm, paving the way for a future that replaces the siled chains of the past,” the report predicts, adding that interoperability and gateways between blockchains are becoming – and will continue to be – “more transparent. “

  1. DAOs will change the way we work
    Finally, Crypto.com predicts that Decentralized Autonomous Organizations, or DAOs, will change the way we work in the new year.

“In the age of Web 3.0, we will see the influence and reach of [DAOs] expand significantly beyond the crypto space, and become a widely accepted governance mechanism,” the report notes.

The researchers added that they expect more countries to develop legal frameworks for DAOs, and eventually recognize them “as legal entities”, opening up the possibility of using DAO structures in place of traditional businesses.