The crypto industry is one of those sectors that have attracted interest from a significant portion of the world’s population. A recent study revealed that there were about 560 million crypto owners globally, accounting for an ownership percentage of about 6.8%. According to Fortune Business Insights, the global market size stood at USD 910.3 million in 2021 and was expected to reach USD 1,902.5 million by 2028.
This is a CAGR of more than ten per cent. Why do you think this market could reach these heights within just the next few years? Does technology have a role to play? Well, if you have such questions, you are just in the right place. Read on to discover more.
The impact of mobile
You can agree that almost every sector of life has been affected by the popularity of mobiles. Life has become more convenient. Let’s consider accessing financial services like banking, for instance. You don’t have to wait until you get to the bank; you can comfortably transact regardless of where you are. It is no different in the crypto industry. You no longer have to worry about how to cash out Bitcoin, as long as you are connected to the internet. This is the power of mobile technology.
With nearly 7.21 billion smartphones in the world as of 2024, crypto services have never been more accessible. Traders can now conveniently access services via websites and apps without being restricted to a particular physical location. As if that were not enough, recent launches like the Solana Mobile might result in the further spread of crypto.
Recent moves
Early this year (2024), Solana Mobile’s Chapter 2 witnessed extraordinary demand after it sold its first-year sales target in one day. Prior to this, the company released its first Web3 phone, which was massively sold after its initial $1000 price was reduced to $599. The crypto reward program (BONK tokens) that was tagged on the phone also contributed to its huge number of sales.
On the other hand, Chapter 2 will be quite cheaper, retailing at $450. It is set to be released during the first half of 2025. Although it retains the primary features of its predecessor, like the in-built crypto wallet, the phone might incorporate some high-tech advancements and incentives. Such initiatives might significantly contribute to the popularity of crypto.
Did you know that when the first Web 3 mobile was launched, Solana Mobile received more than 30,000 preorders within just the first 30 hours?
Nokia has also been welcoming crypto innovations. Especially after the company faced serious competition, it has been adopting other strategies to survive. A few years ago, Nokia developed the first ever phone-to-phone Bitcoin transfer via its Nokia N900, making it easier for investors to transact. The company recently made headlines when it entered crypto investments. Who knows? Maybe competitor companies will follow suit in the coming days.
What role will AI play?
AI, as we know it, boasts the ability to perform huge analyses in real-time. In fact, some studies have revealed that about 85% of businesses use this technology to enhance operations and decision-making. Imagine that more than 72% of professional traders are already using AI-based tools as part of their strategy, with the number expected to reach 86% within the next year.
In 2023 alone, investment in AI startups significantly grew to reach $22 billion. This was actually triple the previous year’s value, as per the records of CB Insights. AI can assess real-time market data and provide recommendations. The good side to it is that it reduces the chances of human error, but this doesn’t mean you should not exercise caution.
With a lot of discussions about the centralized nature of AI emerging, we are now seeing more AI-blockchain collaborations that will result in more sustainable alternatives. Qubic, for instance, is one of the companies that facilitates this with its quorum-based computational network. Its proof-of-work infrastructure ensures network nodes can supply computation power to AI operations. By recycling energy resources used in mining, Qubic ensures AI developers can then use them to train their models.
You can’t ignore online safety
Security is another growing concern in the crypto industry. According to the World Economic Forum, there were about 500 cyber-attacks targeting crypto in 2023 alone. In another place, Chainalysis found that the number of individual hacks had increased to 231 in 2023 from 219 in the previous year.
These statistics are a testament to the fact that you can’t ignore the online security. As we already hinted, AI can assess large amounts of data and detect patterns and anomalies instantaneously. This can help alert investors and companies about potential attacks, allowing them to take corresponding actions.
Final thoughts
Well, looking at the future of crypto and the ongoing tech advancements, there is just so much to expect. For instance, now that mobile technology has improved access to different services, we might see more developments like those of Solana Mobile in the future. Plus, as online security and energy consumption debates continue to soar, we will likely see more AI-blockchain-based collaborations.
