The cryptocurrency industry is growing fast, but experts believe it is still in the early stages. Despite the rising number of people using crypto, the future of the industry depends on factors like regulations and market stability. Countries like Singapore are leading the way in supporting the growth of the cryptocurrency industry.
Crypto’s Hyper-Growth Phase
According to the Henley Crypto Wealth report, over 30% of people have adopted cryptocurrency. However, experts say this shows the industry is still in its “early hyper-growth phase.”
Hong Yea, a former Goldman Sachs trader and co-founder of GRVT, said that although many people are using crypto, it has a long way to go before it reaches maturity. He compared the growth of crypto to the early days of fintech and social media. The report shows that the number of cryptocurrency users grew from 420 million in 2023 to 560 million in 2024, a 32% increase.
Bitcoin and the Crypto Ecosystem
Bitcoin (BTC) also saw strong growth, with the number of users increasing by 31% to reach 275 million in 2024. Yea noted that while Bitcoin used to dominate the cryptocurrency space, the industry is now much more diverse. This diversity makes cryptocurrency more appealing to different types of users, as new technologies and solutions are emerging beyond just Bitcoin.
Singapore: A Global Crypto Hub
Alberto Fernandez, Qubic Ecosystem Representative for Europe, agrees that crypto and Bitcoin’s growth are connected. He explained that half of new users choose Bitcoin, while the other half go for other cryptocurrencies, known as altcoins. Fernandez emphasized that the future of cryptocurrency adoption will depend on stable markets and supportive regulations.
Fernandez also pointed out that Singapore is now ranked as the number one cryptocurrency hub globally. This is largely due to China’s ban on cryptocurrencies, which has driven many entrepreneurs to move their businesses to Singapore. The country’s supportive government policies and innovation-friendly environment have made it a top location for cryptocurrency startups.
Why Is Singapore Leading?
Singapore’s success as a cryptocurrency hub is not just because of China’s crackdown. According to Yea, Singapore was one of the first countries to recognize the potential of cryptocurrency, giving it a head start. The country also offers a good quality of life, making it an attractive place for cryptocurrency entrepreneurs to live and work.
Is the crypto industry mature now?
No, experts believe the industry is still in its early growth stages, even though more people are using cryptocurrency.
How many people use Bitcoin now?
The number of Bitcoin users grew by 31%, reaching 275 million in 2024.
Why is Singapore a top crypto hub?
Singapore’s supportive regulations and innovation-friendly environment have made it a top choice for cryptocurrency startups. China’s ban on cryptocurrencies also played a role, pushing entrepreneurs to move their businesses to Singapore.
What is the future of crypto adoption?
The future of cryptocurrency adoption depends on factors like market stability and regulations. If the market remains stable and friendly regulations are put in place, adoption is expected to grow further.