is Cryptocurrency still relevant in 2024? Dorea Team, January 5, 2024January 19, 2024 In the middle of the pandemic in 2021, many businesses suffered and even broke. No one believes one tiny virus could shut down the entire market. But in this chaos, there was hope. Cryptocurrency, the legacy of Satoshi Nakamoto, comes to save humankind. Okay, that was a bit cinematic; people could not go anywhere, and the only concept you could buy, save, and invest in was crypto. Bitcoin was the God of War in such a pandemic Colosseum. suddenly, the world returned to the normal situation, and the bull run disappeared. Is it a sign of the end of crypto dominance? No, of course not.Just like any other market, the cryptocurrency market has its own fluctuations. But let’s take a look at some statistics to investigate “crypto relevance in 2024.”. Based on the Statista Global Consumer Survey, the number of crypto users is increasing on a worldwide scale. As you can see below, we have 883 million crypto users worldwide, and we expect to reach 992.50 million in 2028, which is a huge number. But is this a good reason to interpret it as a sign of crypto growth in the market? Of course not; you must consider three hypotheses here: Many users created crypto wallets and abandoned them. Probably many users have multiple crypto wallets, and 992 million numbers do not necessarily mean 992 million real people; probably it means 992 million wallet addresses and accounts in exchanges. Many wallet addresses are managed by bots controlled by big corpses, not even humans. So, the number of wallet addresses as users is not much help in this topic. the Impact of War On February 24, 2022, Russia invaded Ukraine in an escalation of the Russo-Ukrainian War that started in 2014. The crypto market faced a panic, and outflows of money occurred. Let’s take a look at the blow graph. The path is obvious: growing investor inflows of money in the crypto market on a worldwide scale. Does this sound like depression to you? Of course not. The crypto market is growing fast every year and is expected to reach 71.7 billion USD in 2028. The Russia-Ukraine war is just a little break in this path. Should you worry about the next war? I don’t think so. the Impact of Government Banning on Crypto Many countries have announced that they will not recognize cryptocurrency as a digital asset or as a money concept. Some ban crypto, some do nothing, and some are waiting to regulate the crypto concept. China is one of the first countries to ban crypto in 2021 (actually, they didn’t ban crypto; they banned any cryptocurrency transactions and declared them illegal) In the below graph, you can see what happened to revenue per user in China in the crypto market. its a great fall in revenue, but the growth path continues. So what happened to all the almighty power of the communist party in China? Actually, every government has its own profit in cryptocurrency; they will not block the entire market; they just put more strict regulations in the market to make crypto transactions harder, not impossible. Although people will find a way to make deals in the market, no government can interrupt the market forever. Demand for crypto exists in the market; people want it, and they will reach it eventually. What should I do as an entrepreneur? The first thing you should learn about the market is identifying the demand in the market. If you think your customers have an interest in such concepts as crypto, you should consider a loyalty program to encourage them to buy more from you. Recent statistics show that crypto is obviously still relevant in 2024. Whether you want to invest in crypto or use crypto as a reward for your customers, you can consider it a valuable concept. On the Crypto Dorea platform, we provide everything you need to set up an easy cashback program for your most loyal customers. You can customize it in any way you want for each product or service category. Visit Crypto Dorea and get the latest update on the product. Articles 2024cryptocryptocurrencytrade