By CCN.com: Binance CEO Changpeng Zhao boldly claims that cryptocurrency will reach more users than the internet in a matter of years. His wildly bullish prediction suggests that over 4 billion people on the planet will use crypto in the near future.
Current estimates suggest that 58 percent of the global population have access to the internet. That’s a total of 4.4 billion people with China, India, and the United States leading the pack.
While exact cryptocurrency metrics are difficult to come by, recent estimates put global crypto usage at 139 million people. That’s a seven-fold increase in the two years since 2017, which puts crypto adoption on a rapid growth curve.
However, to reach CZ’s huge 4.4 billion prediction, crypto adoption would have to increase 3,065 percent. Many in the crypto space jumped to confirm CZ’s analysis, including Morgan Creek co-founder Anthony Pompliano.
CZ is perhaps hinting at the power of bitcoin and cryptocurrency to reach even those communities without internet access.
Crypto company Blockstream uses satellites to beam the bitcoin blockchain to remote locations around the world. Referring specifically to those without internet access, Blockstream said:
“Blockstream Satellite is the world’s first service that broadcasts real-time Bitcoin transactions and blocks from a group of satellites in space. With the service, everyone will have free access to the Bitcoin network, in any corner of the world, including the estimated four billion people not currently connected to the Internet, due to lack of availability or affordability.”
Huge communities in developing countries also rely on mobile phone payments without internet access. When blackouts ravaged Venezuela’s electricity supply, users exchanged bitcoin via text message services.
The Binance CEO’s bold prediction comes as his native cryptocurrency Binance Coin (BNB) chalks up more 258 percent gains in 2019.
CZ’s cryptocurrency is the only crypto to achieve an all-time high in 2019 while others struggle to break the brutal crypto bear market.
Last modified: May 20, 2020 7:11 AM UTC