Crypto adoption could explode to 4 billion users by 2030, according to Raoul Pal, the former hedge fund manager turned prominent crypto advocate. In a recent post on X, Pal compared the growth of crypto wallets with the early adoption curve of internet users, claiming the industry is on track for historic expansion.

Pal noted that the crypto user base has expanded at an average annual rate of 137% over the past nine years, reaching 659 million by the end of 2024. For comparison, internet usage grew 76% annually in its early stages, hitting 187 million users by 2000. Based on current adoption patterns, Pal expects crypto to grow at a slower but still dramatic pace of around 43% annually, putting global users at 1 billion by next year and as many as 4 billion by the end of the decade—roughly one-eighth of the world’s population.

Alongside mass adoption, Pal projects crypto’s total market capitalization could reach an unprecedented $100 trillion within the next ten years, potentially as soon as 2032. He attributes this outlook to two major drivers: adoption growth and currency debasement. According to Pal, while inflationary pressures explain much of the price movement in assets, widespread adoption fuels outperformance.

Despite the optimism, not everyone shares Pal’s bullish view. Some critics argue that wallet counts are misleading, noting that users often create multiple wallets or that project founders can artificially inflate numbers. Others highlight that real monthly active users may be closer to 30–60 million, as suggested in a 2024 report from Andreessen Horowitz’s crypto division.

Still, with firms like Triple-A estimating over 560 million users by late 2024, the debate underscores one clear point: crypto adoption is accelerating, and its trajectory could reshape global finance in the coming decade.