A Bitcoin analyst named Woo suggested that the cryptocurrency industry might see its first billion users by the conclusion of 2025. The predictions were made based on extrapolations from various previous studies. Woo's chart also revealed that the majority of crypto users own Bitcoin. The chart was commended by investor and author Daniel Batten for being the first comprehensive model to outline existing crypto users and forecast the achievement of one billion adopters.

According to the chart, crypto users are defined as unique entities who have undergone Know Your Customer (KYC) verification and have engaged in transactions on the blockchain. Reaching one billion crypto users is seen as a significant milestone for mainstream crypto adoption, as it can attract new capital inflows which are crucial for the price growth of digital assets.

The number of cryptocurrency owners surged by 34% to 580 million by 2023, as reported by Crypto.com in January 2024. The surge in Bitcoin holders was primarily attributed to developments surrounding Bitcoin exchange-traded funds (ETFs). Despite the growth in users, a 72% increase would be needed from the current 580 million users to achieve one billion by 2025, which may be challenging based on the growth rates of the previous year.

A joint report from the Boston Consulting Group, Bitget, and Foresight Ventures estimated that one billion crypto users might only be reached by 2030, highlighting the slow crypto adoption rates compared to other asset classes like global equities. The report emphasized that there is still significant growth potential for crypto, with only a small fraction of individual wealth currently invested in cryptocurrencies.