2020 so far has been dominated by a series of bad news. Amid all the bad news, tiny facts like the growing number of internet users escape us. It may not seem like any news to many, but 4.5 billion people were active users of the internet as at January, that’s over half of the global population. This is no doubt a big deal considering the importance of the internet in today’s world. The acceptance of the World Wide Web and the explosion of mobile technology have been two of the most significant contributing factors, to the internet’s popularity. How is this relevant to crypto? Studies have shown that the rise of the web is also promoting cryptocurrency.
Internet technology and Digital currency growth are correlated
According to estimates compiled by Statista, digital currency adoption is set to grow fast. Mobile data traffic worldwide is on pace to surpass 77 Exabytes per month by 2022, up from 11.5 Exabytes per month in 2017. With more people all over the world getting interconnected, Bitcoin and crypto as a whole can only gain. Increased internet connections will lead to more exposure for cryptocurrency and a need to get involved before it gets too saturated. Opportunities like these are often missed though. The dot.com boom was missed by many investors who opted to go for more traditional investments like commodities and futures. The video streaming market currently dominated by YouTube was also another that investors didn’t see coming.
According to Statista, the number of Blockchain wallets worldwide has been steadily increasing. There were a recorded 42 million users by the end of September 2019, which represents tremendous progress. Other data indicates that Blockchain technology revenues are set to climb to over $23.3 billion by 2023. It is safe to say that as internet technology develops through this decade, Blockchain technology will develop as well. The growth may not be in huge leaps, but steady.
The Technology likely to face major challenges
The technology, however, will undoubtedly have to deal with major challenges. The technology is already reeling in the face of this global pandemic. Traditional markets, as well as cryptocurrencies, have borne the brunt of uncertainty. Apart from the Covid-19 pandemic, the technology will probably still deal with a lot of resistance and limiting regulations by governments; as well as financial regulators. The technology has proven its resilience though, and it will be interesting to see how it gets past the challenges to come