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Global crypto adoption implies a truly decentralized asset that can be used to securely transfer and store value anywhere in the world

Cryptocurrency and blockchain technology company, TripleA, estimates that there are now more than 300 million cryptocurrency users across the world

This remarkable market achievement translates to just 4% of the world's population with ample room for growth In fact, the global cryptocurrency market is predicted to grow with a compound annual growth rate of 56 4% from 2019 to 2025

In early 2022, multinational financial services firm, Wells Fargo, compared the rapid global adoption of crypto to that of the internet during the mid-to-late 1990s

According to the bank’s report: “…It appears that cryptocurrency use today may even be a little ahead of the mid-to-late 1990s internet Precise numbers aside, there is no doubt that global cryptocurrency adoption is rising, and could soon hit a hyper-inflection point ” Nonetheless, in order to scale globally, the industry will need still to overcome several key barriers, including: (1) Excessive Price Volatility Once dismissed as a fringe interest of tech evangelists, cryptocurrencies—particularly Bitcoin, which is perhaps the most widely recognized digital currency—have skyrocketed in value in recent years For instance, the value of Bitcoin hit an all-time high of over $60,000 USD in November 2021

However, the price of cryptocurrencies can fluctuate wildly Despite its 2021 high, Bitcoin was trading for well below USD $20,000—a ~66% decrease—by summer 2022

Since then, the coin has increasingly tracked alongside the stock market as it struggled in the face of high inflation, rising rates, and lower investor confidence Some experts say the volatility of cryptocurrencies limits their usefulness as a means of transaction This makes sense as most buyers and sellers don’t want to accept payment in something whose value can change dramatically from day-to-day

Still, many believe the price of Bitcoin will eventually surpass USD $100,000 and lead the way for other cryptocurrencies to do the same This expectation has generated a lot of excitement for the continued adoption of Bitcoin and other cryptocurrencies by both individuals and institutions

According to Gartner, by 2024, at least 20% of large enterprises will use digital currencies for payment, stored value or collateral, which has the potential to disrupt current financial networks and business models

Crypto prices are in part a moving bet which is both a deterrent and part of its appeal Today, the price volatility is attractive for investors and early adopters who are betting on the industry But a more mature, stable market will be needed in order to enable mass global adoptions

(2) Cybersecurity and Theft Risk Despite its volatility, the adoption of cryptocurrencies has increased dramatically over the past few years because people believe that crypto will become more valuable than fiat currencies in the future

As such, crypto is just as vulnerable to cybercrime as current digital banking systems, if not more so As more people invest in cryptocurrency, it becomes easier for hackers to use various methods to steal sensitive data in addition to crypto assets

Cybersecurity within the world of crypto is a broad and growing topic with multiple strategies available to actively monitor and ensure the security of digital assets Although cryptocurrency transactions come with cyber risks, it is possible to protect crypto assets by taking a security-first approach, implementing proper preventive measures and being vigilant about the websites and applications used to store and trade digital assets

Still, stronger and more consistent security measures will be necessary across the industry to provide users a certain threshold of comfort needed to make global crypto adoption possible

(3) Uncertain Regulatory Outlook The driving force behind the blockchain industry is the democratization of technologies and investments

As such, many governments initially took a hands-off approach to cryptocurrencies However, the ascent and evolution of crypto, has forced regulators to begin crafting rules for the emerging sector to protect their citizens—especially from scams and fraudulent investments

Today, regulations vary widely around the world, with some governments embracing cryptocurrencies and others banning them outright

The challenge for regulators is to develop rules that limit traditional financial risks without stifling innovation

Recently, United States president Joe Biden delivered the first-ever comprehensive framework for responsible development of digital The executive order focuses on six core areas of cryptocurrency use: