The widespread adoption of cryptocurrency is the endgame. By then, many of the core hurdles and challenges that blockchain technology faces in reaching new people and broadening its use cases and applications will hopefully have been overcome or mitigated (or the FIAT system crumbles, and crypto is the only option).

Whether you're just here for green candles or for decentralized technology to remove the shackles of centralized financial systems—or both—you've probably wondered about when cryptocurrency will see mass adoption and where we are in that timeline. This post isn't a definitive answer but includes some info regarding crypto adoption.

So, where are we at?

I've listed some crypto usage and adoption data from various sources.

• According to finder.com, global cryptocurrency adoption is hovering around 14% as of October 2022.
• A recent survey by Mastercard suggested that more than 1/3 of Latin American consumers have made everyday purchases with stablecoins and that 51% have made at least one crypto transaction.
• Based on data from 2021, the Singapore-based firm TripleA puts the global crypto ownership rate at 4.2% or 320 million people.
• Similarly, in January 2022, Crypto.com reported the total global crypto users at ~300 million based on data from 2021.
• Chainalysis reports that polling conducted in 2020 found that 21% of Vietnamese and 32% of Nigerian consumers use or own cryptocurrency and that this figure has likely grown since.

\Note that some of the data presented may be limited by methodology, survey size, source of data, etc. So take it with a grain of salt. But it can be helpful to get a ballpark idea.*

What could come next?

In a June 2022 report, Blockware Solutions examined adoption curves of disruptive technologies and compared the data with the percentage of the global population using Bitcoin.

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Percentage of Global Population Using Bitcoin

Adoption Curves of Several Different Disruptive Technologies

In the report, Blockware Solutions notes:

This is not meant to serve as a scientific short term trading tool, but rather a conceptual guide for long term Bitcoin investors...

With that being said, the general trend is clear; there is a high probability that Bitcoin’s global adoption will grow significantly into the future and thus so will price. Prior technological adoption curves show us that adoption occurs first slowly and then rapidly; on-chain data shows us that Bitcoin is still in the “slow” phase. Just as there is a risk to owning BTC (through volatility), there is also a risk of not owning BTC...

But what about bear market slaughters?

The previously mentioned Chainalysis report states that the bear market can't wipe out the adoption achieved during the bull market. Despite the current bear market, the adoption gains from the 2020 bull market have not been undone and remain high above prior levels.

One reason for this could be the value that users in emerging markets get from cryptocurrency. These countries dominate the adoption index, in large part because cryptocurrency provides unique, tangible benefits to people living in unstable economic conditions.