on april 12th of this year this article was published on bitcoin.com: https://news.bitcoin.com/how-big-is-bitcoin/

The end conclusion is that roughly 10 million people worldwide hold 'a material amount of bitcoin' meaning, more than just a tiny tiny bit.
I'm sure by now that could be doubled with all the hype going on, so, sure, 20 mil is reasonable IMO. Still, the majority of those people are in my opinion not likely to start using a TenX card. TenX is more for the hardcore crypto believers and enthusiasts.. people who made and hold a lot of wealth in crypto. Not people who hold their crypto on a coinbase account or something like it.

I agree with you that we could be seeing 100 million users within a reasonable timeframe, but the fact remains there is no way to know if TenX is going to snatch all of these up, or somebody else will. There's Monaco, Centra, etc. already competing in the space and I'm sure existing companies like Visa will respond. You mention India, and I'm not sure about the local situation there, but in south east asia I've heard it said that they actually don't use cards at all anymore.. They consider it outdated, and most payments are done through mobile phone payment systems. Perhaps that is the future of those 100 million users? Who knows.. exactly that uncertainty is probably part of the reason why the price of TenX isn't mooning.

Don't get me wrong I love TenX and want a card for myself eventually, and I am sure many crypto enthusiasts will want one too. But without millions upon millions of daily active users, the dividends are just too low to warrant a higher price.