Bitcoin

How mobile devices can help embrace mass encryption

Bitcoin has actually been around for more than a decade, having been first introduced in 2009.

After many years, the asset has established itself as the largest cryptocurrency by market cap, not to mention popularity.

It currently has a market capitalization of over $370 billion, and despite being down 72% from its all-time high of $69,044, Bitcoin remains the leader in the group.

But even with this dominance, BTC, along with all other cryptocurrencies, continues to reach this important measure 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 that mobile smartphones may be the key.

Adoption of Bitcoin and Other Cryptocurrencies in Numbers

Leading crypto payments company Triple A has shared some key statistics that can help better understand Bitcoin and other cryptocurrency adoptions.

The company estimates that there are about 320 million crypto users worldwide as of this year, making the average ownership 4.2%.

The United States (46 million), India (27 million), Pakistan (26 million), Nigeria (22 million) and Vietnam (20 million) are the countries with the largest number of cryptocurrency owners.

Image: Forbes

The compound annual growth rate (CAGR) of the cryptocurrency market is expected to be 56.4% from 2019 to 2025.

Bitcoin, the first cryptocurrency, recorded a significant price increase between 2012 and 2021, rising by 540,000%.

As of this writing, according to Coingecko, BTC is trading at $19,298 But it’s a long way from its all-time high on November 10, 2021.

Other cryptocurrencies have also grown exponentially over the years and more altcoins are being issued every passing 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 cryptocurrency users suddenly rose to a billion?

Given the current number of Bitcoin and other cryptocurrency users, such a scenario might be far-fetched.

But the InvestAnswers host believes this is possible with the help of smartphones and simplified mobile crypto wallets.

“The big plan to solve the mass adoption of cryptocurrencies is a wallet built into a smartphone,” said one widely followed analyst.

He added that the game would be changed if phones became the hardware wallets of crypto users – something he believes will certainly entice new users.

This thinking stems from the relocation of Solana Mobile, a subsidiary of the company that owns SOL, that introduced the Saga – a smartphone with Web3 functionality designed to improve expertise in handling and managing crypto assets.

The analyst is certain that leveraging smartphones with secure, easy-to-use crypto wallets may be just the big boost that digital assets have been waiting for in order to take their quest for mass adoption to the next level.

With smartphones becoming a necessity in every corner of the world, it makes sense for the cryptocurrency community to use them to fulfill a dream that has already taken over a decade to come true – for crypto to be embraced 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

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