The comparisons between cryptocurrencies and the internet are hardly a novelty. As crypto has gained worldwide attention and governments have grappled stances to take on it, proponents have argued that trying to fight against cryptocurrencies would be akin to fighting the internet some decades ago, as both present revolutionary mechanisms that serve as a major upgrade to former systems.
Now, with crypto growing more mainstream by the day, the same comparisons have been drawn again, albeit by analysts of a much higher profile. In a new research paper, Deutsche Bank’s team looked over the current state of cryptocurrencies in both tech and finance and shared their prediction for digital assets within a decade.
Deutsche Bank mirrors the trajectory of internet adoption against cryptocurrency use. While the internet spread farther and more rapidly, the rate of adoption between the two has been reasonably similar, suggesting that cryptocurrencies are likewise turning into a staple for the everyday person.
Analysts at the bank expect that crypto use will continue to spread at the same rate for the foreseeable future. By 2030, the team predicts that the amount of cryptocurrency users will climb to 200 million.
The bank is optimistic on the market’s state in general, believing cryptocurrencies to be the building blocks of cashless transactions and a wholesome turn to digital finance. Despite their growing use, the bank suggested that there are still ways through which cryptocurrencies can reach the masses sooner. One of these would be for a tech giant or the Chinese government to make a major move towards digital currencies.
Deutsche Bank’s report comes as several other firms release their own research pointing to similar conclusions. While Deutsche Bank’s report focused largely on cryptocurrency transactions, other firms took note of the rapidly growing industry that surrounds the space. For example, finance advisory firm Mordor Intelligence pointed out that the budding market for hardware wallets is expected to increase at an annual rate of nearly 25% and reach a capitalization of over $700 million by 2025.
A similar report by P&S Intelligence focused on a more expansive palette of crypto-related hardware and came up with even more optimistic projections. As per their forecast, crypto devices like ledgers and blockchain smartphones are expected to make up for a market worth $23.5 billion by 2030. As Western investors focus on daily price speculations and ICO launches, it can be easy to forget that cryptocurrencies have become a full-fledged industry with an astounding number of sectors and specialized services.