How mobile devices can help bring mass encryption adoption
Bitcoin has already been around for more than a decade now, and was first introduced in 2009.
Many years later, the asset established itself as the largest cryptocurrency in terms of market capitalization, not to mention popularity.
Its market cap is currently over $370 billion, and despite being down 72% from its all-time high of $69,044, Bitcoin remains the leader of the pack.
But even with this dominance, BTC, along with all its fellow cryptocurrencies, continues to reach for the one significant act that has long eluded the asset class – mass adoption by the vast majority of the world’s population.
In this regard, Bitcoin still has a lot of work to do. But some analysts believe mobile smartphones may hold the key.
Bitcoin and other crypto adoption by the numbers
Leading cryptocurrency payments company Triple A shared some key statistics that can help better understand Bitcoin and other crypto adoption.
The firm estimates there are around 320 million crypto users worldwide as of this year, putting average ownership at 4.2%.
The United States (46 million), India (27 million), Pakistan (26 million), Nigeria (22 million) and Vietnam (20 million) are the top countries with the most cryptocurrency owners.
Image: Forbes
The cryptocurrency market is expected to have a CAGR of 56.4% from 2019 to 2025.
Bitcoin, the maiden crypto, has seen an impressive price increase between 2012 and 2021, increasing by 540,000%.
At the time of writing, according to Coingecko, BTC is trading at $19,298, but is some way down from the all-time high reached on November 10, 2021.
Other cryptocurrencies have also grown tremendously over the years, with more altcoins being released every day.
However, this impressive data does not translate into mass adoption, and the problem remains for the asset class.
Could smartphones be the missing link?
What if the number of crypto users suddenly rises to 1 billion?
Judging by the current number of Bitcoin and other cryptocurrency users, such a scenario might be a bit far-fetched.
But the host of InvestAnswers believes this is possible with the help of smartphones and simplified mobile crypto wallets.
“The grand plan for the solution to mass adoption of crypto is a wallet integrated into a smartphone,” said one widely followed analyst.
He added that the game will be changed if phones become the hardware wallets of crypto users – something he believes will attract new users.
This thought stems from the move of Solana Mobile, a subsidiary of the company that owns SOL, introduced Saga – a smartphone with Web3 functionality designed to improve the experience in transactions and management of crypto assets.
The analyst is positive that leveraging smartphones with secure and user-friendly crypto wallets could just be the big boost the digital assets have been waiting for to take their quest for mass adoption to the next level.
As smartphones become a necessity in every corner of the world, it only makes sense for the crypto community to use it to realize a dream that has already taken more than a decade to realize – for crypto to be adopted by the vast majority of the world.
Crypto total market cap at $901 billion on the daily chart | Featured image from Optocrypto, Source: TradingView.com
