The adoption of blockchain is a major signal of the evolution of this technology to conquer a broader base of crypto users. For experts, the implications of this trend should not be overlooked, especially if it continues in the weeks and months to come.
Steady Growth in Blockchain Adoption
The craze for blockchain is not waning. In recent years, the adoption of this technology has continued to skyrocket. This is what crypto specialist Jamie Coutts observes in an analysis published on Saturday, November 4.
According to this expert, the growing adoption of blockchain technology is not a trivial fact. It means that this ecosystem, underpinning the crypto industry, has not been affected by the ebbs and flows of the bull and bear markets of recent years.
Therefore, this positive dynamic encouraged Jamie Coutts to make some bold projections about his future. According to him, if the current adoption rate continues, blockchain technology could have 100 million daily users by 2028.
On X (formerly Twitter), the expert highlighted the sustainable nature of blockchain adoption, even in the face of market volatility. For him, not being part of this important structural trend of the next decade could prove to be a costly omission.
A numerical trend set to continue?
Jamie Coutts pulled out an arsenal of numbers from his drawer that makes him think blockchain adoption is not only going well, but is expected to continue. The first concerns blockchain addresses, active on a daily basis.
These crypto elements exceeded five million in the third quarter of 2023. They exceeded by 14% the results they achieved last year at the same time. A crypto dynamic which is in line with the increase in these blockchain addresses over the past four years.
Because since 2019, a growth trend has been observed consistently, reaching an average quarterly growth rate of 29%. On this basis, Jamie Coutts estimates that a sustained quarterly growth rate of 20% would be sufficient to reach the 100 million daily crypto users previously mentioned.
To put this projection into perspective, the expert draws a parallel between the adoption of blockchain and the growth trajectory experienced by PayPal. It took, he notes, 13 years for the fintech giant to reach 100 million daily users.
Considering the emergence of Ethereum as a starting point for smart contracts in 2015, a similar time frame would be required for blockchains to reach a comparable level of adoption.
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