Experts Highlight Early Growth Phase in Crypto’s Adoption Boom

Experts state that the bitcoin market is still in its early “hyper-growth phase,” despite growing popularity. Even if the Henley Crypto Wealth survey indicates that over 30% of people are using cryptocurrencies, there is still a lot more room for growth in this market. Co-founder of GRVT and former trader at Goldman Sachs, Hong Yea, thinks that the current growth rate indicates that cryptocurrency is still a long way from reaching maturity. The number of cryptocurrency users worldwide grew by 32% in 2024, from 420 million in 2023 to 560 million. Similarly, the number of Bitcoin (BTC) users increased by 31% to 275 million.

Yea points out that the diversity within the crypto ecosystem has expanded beyond just Bitcoin. “A decade ago, Bitcoin dominated the space, but today we see a much more diversified ecosystem,” Yea commented. This diversification makes the industry more accessible to a wider range of users, opening new possibilities for blockchain technology.

Singapore’s Rise as a Crypto Hub

Singapore has gained prominence as a global crypto hub, thanks to its favorable regulatory framework and government support. This success is partly due to China’s crackdown on cryptocurrencies, which caused many entrepreneurs to shift operations to Singapore. Alberto Fernandez, the Qubic Ecosystem Representative for Europe, believes this has played a key role in Singapore’s development as a top crypto destination.

According to Fernandez, the rise in cryptocurrency use is consistent with the dominance index of Bitcoin. He observes that while half of new users investigate altcoins, the other half flock toward Bitcoin. Adoption growth in the future, though, will be contingent on regulatory reforms and market stability. Unexpected occurrences like a global crisis, in Fernandez’s opinion, might quicken the current rate of growth.

Prior to Hong Kong, the United States, and the United Arab Emirates, Singapore was named the top global crypto hub by the Henley Crypto Adoption Index. Yea emphasizes that Singapore has a competitive advantage due to its early adoption of cryptocurrency and the stable living conditions that drive cryptocurrency entrepreneurs to relocate there.