The adoption of blockchain technology continues without pause, according to an analyst from Bloomberg.
According to Bloomberg analyst Jamie Coutts, blockchain adoption has remained consistent, unaffected by both bullish and bearish market conditions over recent years.
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Bloomberg Intelligence analyst Jamie Coutts projects that if the current rate of blockchain adoption continues, blockchain technology could have 100 million daily users by 2028. Coutts emphasized that blockchain adoption has been steady, regardless of market conditions, and not being part of this significant trend could be costly.
He highlighted that in the third quarter of 2023, daily active blockchain addresses exceeded five million, a 14% increase from 2022. The quarter-on-quarter growth rate has averaged 29% since 2019. If a more conservative growth rate of 20% per quarter is applied, the blockchain ecosystem could reach 100 million daily users by 2028.
Coutts drew a comparison between blockchain adoption and PayPal's growth, noting that it took PayPal 13 years to reach 100 million daily users. He suggested that if Ethereum marked the beginning of smart contracts in 2015, a similar time frame may be needed for blockchain adoption to reach such levels.
In line with this pace of adoption, blockchain-based companies may also experience a surge in valuations. Coutts indicated that basic regressions suggest the blockchain ecosystem could be valued between $5 trillion to $14 trillion once 100 million users are onboard, a significant increase from the current $350 billion valuation.
These projections align with data indicating sustained interest in blockchain technology. Despite market fluctuations, the crypto industry saw a 5% increase in development in 2022. Additionally, a survey conducted by Celent in 2022 revealed that 91% of institutional investors are interested in investing in tokenized assets, which are blockchain-based tokens representing ownership of physical and digital assets.
Coutts concluded that while simplistic extrapolations should not be solely relied upon for valuation purposes, they demonstrate the interconnected relationship between users and prices. As adoption continues, prices are likely to trend higher for some assets.
