Bitcoin and crypto have ‘crossed a new frontier’ – so what happens next?

Bitcoin’s recent move above US$100k is a “pivotal moment” for crypto”, asserts Binance exec Rachel Conlan. But the road ahead will have its challenges as well as opportunities.

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"Bitcoin’s recent price spike to above US$100k is more than just a financial milestone – it’s a pivotal moment in the evolution of the entire crypto ecosystem," asserts Binance's global chief marketing officer Rachel Conlan. So what happens next? Here, she ponders that and more… 

2024 has represented a turning point for the industry. With the Bitcoin halving, the introduction of Bitcoin and Ethereum ETFs, increased institutional interest and the prospect of a crypto-friendly US administration, the industry has crossed a new frontier.

As we surge toward mainstream adoption – what I would describe as being one billion crypto users – the road ahead will be shaped by both the opportunities and challenges.

Harnessing the momentum

The momentum behind Bitcoin is undeniable. As a leader at Binance, I am fortunate to work at the helm of the world’s largest cryptocurrency exchange, and we’re seeing more and more retail and institutional users come on board.

We now have more than 245 million users in 100 countries – 65 million coming on board in this year alone.

Bitcoin’s historic price increase is not an isolated event. It’s a signal of something larger: the opportunity to redefine the global financial system to make it more people-centric.

This presents not just a chance to grow the size of the market but to build infrastructure that will allow us to integrate with TradFi and serve even more users in the years ahead.

One of the most exciting aspects of crypto is its potential to empower people – especially those in regions where traditional financial systems are less stable. In areas like Latin America, Bitcoin is already playing a crucial role in protecting people’s wealth against inflation. And it’s not just developing markets.

Australia’s opportunity

In Australia, where we’ve seen a tremendous increase in crypto adoption, there’s an opportunity to make Bitcoin not just a speculative investment, but a real-world financial tool for everyday people.

Australians are already financially literate, and they’re increasingly looking to integrate crypto into their broader investment strategies.

Australia is a mature economy by all counts and Australians are already financially literate. The country is ranked 39th out of 151 in Chainalysis’s 2024 Global Adoption Index and we are seeing an increase in adoption as local users are increasingly looking to integrate crypto into their broader investment strategies.

This momentum is only starting to build. In a survey of users last month in Sydney at the Australian Crypto Convention – the largest crypto event in the Southern Hemisphere – over 90% of respondents said they planned to invest further in crypto over the next six months and three quarters said they were bullish or ultra bullish on the price of Bitcoin in 2025.

The continued retail demand, alongside the increased institutional interest, provides strong foundations to drive further adoption of crypto to a point where, in the not-too-distant future, we hope crypto is integrated into the mainstream financial system.

Addressing the headwinds front on

As promising as the future looks, there are without doubt headwinds that we need to overcome to ensure the sustainability of this industry.

As the space becomes more mainstream, the questions around regulation, security and public trust become more pressing. These are hurdles that need to be tackled head on if we want to build a lasting infrastructure for crypto.

As we drive toward mainstream adoption, building trust through education is essential. We want every user to have a good experience and understand the risks. This is where education becomes essential. I firmly believe that educating users, particularly about responsible trading, will be crucial as we scale.

Another challenge we face, both here in Australia and in many countries around the world, is the lack of consistent regulatory frameworks.

In many markets, regulation remains uncertain or is in the early stages of development. I can speak from experience – the regulatory environment can feel like a maze, with different rules for different markets. But one thing is clear, the future of crypto is regulated.

The key is to find the balance between fostering innovation and ensuring consumer protection. Without clear rules, the industry will continue to be fragmented, and this could slow down adoption.

Security remains another widespread concern. While blockchain technology itself is incredibly secure, the crypto space has had its share of scams and hacks.

At Binance, we’ve invested heavily in security, from implementing advanced threat detection systems to working with law enforcement agencies to combat fraud.

But it’s not just about securing platforms – we need to arm our users with the knowledge they need to protect themselves. We will continue to build resources that teach users how to stay safe and make informed decisions.

In Australia alone, we’ve reached over 126,000 people with our educational programs. This is critical as, while crypto scams account for only a fraction when compared to traditional finance, they still exist, and education is the best weapon we have in this fight.

Barely scratched the surface

I’m incredibly optimistic about the future of Bitcoin and crypto more broadly.

We’ve only scratched the surface of what’s possible. This is not just about Bitcoin’s price hitting new highs; it’s about making sure that the entire crypto space thrives in a way that benefits everyone, everywhere.

The journey is just beginning. But with the right focus on education, responsible growth and collaboration, the future of cryptocurrency looks incredibly bright.

This article was developed in collaboration with Binance, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.