Bitcoin has been around for over a decade and was first introduced in 2009.
Many years later, the asset established itself as the largest cryptocurrency in terms of market capitalization, not to mention popularity.
Its market capitalization is currently over $370.04 billion, and while it’s down 72% from its all-time high of $69,044, Bitcoin is still leading the pack.
But even with this dominance, BTC, along with all its cryptocurrencies, continue to achieve that significant action that has long eluded the asset class: mass adoption by the majority of the world’s population.
In this regard, Bitcoin still has a lot of work to do. But some analysts think mobile smartphones could hold the key.
Adoption of Bitcoin and other cryptography by numbers
Leading cryptocurrency payments company Triple A shared some key statistics that could help better understand the adoption of Bitcoin and other cryptocurrencies.
The company estimates there are around 320 million crypto users worldwide as of this year, with an average ownership of 4.2%.
The United States (46 million), India (27 million), Pakistan (26 million), Nigeria (22 million), and Vietnam (20 million) are the top countries with the most cryptocurrency owners.
Image: Forbes
The cryptocurrency market is expected to grow at a CAGR of 56.4% from 2019 to 2025.
Bitcoin, the maiden crypto, has seen an impressive price increase between 2012 and 2021, increasing by 540,000%.
At the time of writing, according to Coingecko, BTC is trading at $19,298, but is well below its all-time high reached on November 10, 2021.
Other cryptocurrencies have also grown a lot over the years and more altcoins are being launched every day.
This impressive data, however, does not translate into mass adoption and the problem remains for the asset class.
Could smartphones be the missing link?
What if the number of crypto users suddenly rises to 1 billion?
Considering the current number of users of Bitcoin and other cryptocurrencies, this scenario might be a bit far-fetched.
But the host of InvestAnswers believes that this is possible with the help of smartphones and simplified mobile crypto wallets.
“The big plan for the solution to mass crypto adoption is a wallet built into a smartphone,” said one widely followed analyst.
He added that the game will be changed if phones become the hardware wallets of crypto users, which he believes will surely attract new users.
This thinking stems from the move by Solana Mobile, a subsidiary of the company that owns SOL, which introduced Saga, a smartphone with Web3 functionality designed to improve the experience of transacting and managing crypto assets.
The analyst is positive that leveraging smartphones with secure and easy-to-use crypto wallets could be the big boost digital assets have been waiting for to take their quest for mass adoption to the next level.
As smartphones become a necessity in every corner of the world, it only makes sense that the crypto community would use it to realize a dream that has already taken more than a decade to materialize: that crypto be adopted by the majority of the world. .
Crypto total market cap at $901 billion on the daily chart | Featured image from Optocrypto, Source: TradingView.com
