Cryptocurrency continues to show an incredible amount of resiliency, especially as it continues to encounter challenges that appear to be difficult to overcome. However, the fact that virtual currency has shown that it can handle itself against these issues, it is possible to suggest that 2024 could be the best year yet.
Its global adoption is continually increasing, with numerous countries showing a huge increase in terms of the population that has either used it or have held it. According to some figures presented by Insider Monkey, Nigeria’s figure in 2023 was as high as 47% and with the continued inflation crisis being experienced – with rates at nearly 30% – it would not be a surprise to see this figure climb. Similarly, 47% of people in Turkey had also revealed they had used or held crypto in 2023, a steady increase on the year before.
In fact, of 56 entries collated by the study, 38 of the countries that responded had revealed a figure of 10%+. Most had seen an increase, with only a few having experienced a decrease in ownership over the previous 12 months.
Why 2024 could be a great year for crypto
While the economic crises being experienced in many countries around the world, especially across the continent of Africa, has certainly helped grow cryptocurrency’s status and attractiveness for many, there are many other factors that could suggest virtual currency may experience its best year in 2024 thus far.
Numerous industries have started to adopt and accept crypto as a form of payment method. The iGaming industry has been a big adopter of the currency, with players able to access a crypto casino online whenever they want, regardless of legalities or certain challenges that may be presented. Additionally, these options have become perfect for those who perhaps are worried about inflation and want their money to be worth something. This is because crypto is not tied to fiat currency because of its decentralized nature.
Online retailers and other services have made it easier for people who wish to use the internet to make a purchase through the use of crypto, too. Crypto has become an alternative form of payment for those who are not banked, as they do not require a traditional bank account to make the transaction. According to figures, the world’s total unbanked population is said to be around 31% (nearly 1.7 billion, with almost half in just five countries).
New changes could allow cryptocurrency to thrive
In January 2024, the SEC approved 11 spot Bitcoin ETFs after years of continued rejection. This led to several booms as the market bounced after a lackluster start to the year. So much so that a new 52-week high in terms of Bitcoin price was experienced in February.
There have been predictions that Bitcoin could reach an all-time high this year following the move, too. This shows that there is still interest in virtual currencies, with confidence being one of the key market drivers when it comes to setting their price and keeping it stable.
