Once considered a niche pursuit, cryptocurrency has come a long way in a relatively short period. From popular cryptos like Bitcoin and Ethereum to fiat-pegged stablecoins, humorous yet often lucrative memecoins, and NFTs, digital assets are increasingly penetrating the mainstream, particularly among a younger demographic who grew up alongside Bitcoin itself.
There are many factors that we can credit for the industry’s extraordinary growth, from the tireless grunt work of early pioneers and developers to the emergence of DeFi and the endorsement of political figures and even nation states.
The truth is, the vision of crypto–to grant financial sovereignty without the need for banks or borders–was always destined to appeal to a broad swathe of users. That said, there is still a long way to go.
For the moment, we can only take the industry’s pulse with reference to the adoption that has already taken place and the strides that have been made in web3 banking since the turn of the decade.
Global Trends
According to crypto.com’s Crypto Market Sizing Report, the number of cryptocurrency owners rose by 13% last year, ascending from 583 million in January 2024 to 659 million by December.
In other words, over 8% of the global population currently owns digital assets, a cohort that includes everyday customers speculating on the market, crypto maximalists, professional retail investors, and hedge funds. The number of users interacting with decentralized finance (DeFi) protocols, meanwhile, stands at around 53.5 million.
It is natural to expect these numbers to rise, particularly given a brightening regulatory picture and the U.S. government’s pivot to adopting a crypto-friendly stance, as evidenced by its announcement of a strategic crypto reserve, essentially a stockpile of coins forfeited to the federal government as part of criminal or civil proceedings.
Other nations have paid close attention to the actions of El Salvador, which, in addition to making Bitcoin legal tender, has been accumulating the asset over a number of years; despite recent market choppiness, it is still over $250 million in profit on its investment.
It is not difficult to imagine other national governments following this blueprint and using BTC as a hedge against currency inflation.
Web3 Banking: Opportunities and Challenges
As for web3 banking, a decentralized reinterpretation of traditional banking, it offers a promising alternative to users, particularly those who have been rejected by banks or are simply unable to access financial services like accounts and credit lines: This population is thought to stand at around 1.4 billion adults.
According to CrossFi’s 2025 Crypto Market Research Survey, users typically hold or invest in crypto for long-term growth, particularly in an era of currency instability. Unsurprisingly, price volatility and high transaction fees were cited as the biggest barrier to adoption, though fast and cheap Layer-2 scaling solutions are helping in that department.
Most of the survey’s respondents were middle-class women aged 28-43 and engaged with crypto on a weekly basis, whether to buy, sell, consult a wallet, or participate in DeFi activities such as staking.
Although many consumers view traditional banks with distrust due to their role in financial chicanery (Lehman Brothers et al), their web3 counterparts have their own issues to resolve, with users complaining of frozen accounts, low liquidity, or lack of insurance – to say nothing of well-publicized hacks which enriched criminals to the tune of $2.2 billion last year.
The Path to Mainstream Adoption
The winds of change never stop blowing, and so anyone making cast-iron guarantees about the future of crypto is, well, engaging in another activity in the wind.
Nevertheless, improving regulations, the success of exchange-traded crypto funds (spot bitcoin ETFs pulled in over $1 billion in Q1 despite weak prices), a maturing market, and better L2 solutions suggest digital currencies and the blockchains that power them are here to stay.
Also Read: Can Web3 Achieve Mass Adoption? How Gas Fee Abstraction Eases Entry
