Recent data reveals that despite the increase in the number of crypto investors in recent years, the majority of people worldwide have yet to embrace the Web3 revolution. A recent report shows that only 4.5% of the world’s population has invested in cryptocurrencies. However, the CEO of the largest crypto exchange, Binance, Changpeng Zhao, has a different opinion, claiming that the figure is even lower. He argues that less than 10% of the net worth of minority crypto investors is in crypto, which means that the adoption rate net-worth wise is less than 0.45%.
According to a top-ranking financial media report, the total wealth of people worldwide stands at $13.7 trillion as of 2023. CoinMarketCap data shows that the overall crypto market share is approximately $1.25 trillion, which is nearly 10% of the global wealth, as claimed by Zhao. However, the adoption rate of cryptocurrencies is still relatively low, indicating that there is still a lot of room for growth in the crypto industry.
FatMan, a well-known figure from the Terra Luna community, believes that crypto adoption should mean using blockchain technology in a meaningful and useful manner, rather than having 100% of one’s net worth in crypto. This sentiment is shared by many crypto enthusiasts who believe that putting all of one’s assets into the volatile market is not a wise financial decision.
Despite this, the price of Bitcoin has recently crossed $30k for the first time since June 2022 when Terra Luna imploded. Similarly, Ethereum is on track to cross the $2k price point, indicating that the crypto market is still thriving despite the low adoption rate.
It is worth noting that the crypto industry can feel like an echo chamber, where elaborate schemes and gambling are promoted. However, the industry is slowly gaining mainstream acceptance, with more companies and institutions investing in cryptocurrencies. This trend is expected to continue, and the adoption rate of cryptocurrencies is expected to increase in the coming years.
In conclusion, while the adoption rate of cryptocurrencies is still relatively low, the crypto industry is still growing and evolving. The industry is slowly gaining mainstream acceptance, and more people are investing in cryptocurrencies. However, it is important to remember that putting all of one’s assets into the volatile market is not a wise financial decision. The adoption of cryptocurrencies should mean using blockchain technology in a meaningful and useful manner, rather than having 100% of one’s net worth in crypto.