The adoption of cryptocurrencies and Bitcoin (BTC) around the world can be appreciated by considering the number of people holding crypto assets. This exercise was recently produced by researchers at the Cambridge Center for Alternative Finance. These revealed that 100 million people around the world currently have Bitcoin and other blockchain-based assets. A symbolic number that proves once again the growing domination of cryptocurrency on a global scale.
An increase of 189% compared to 2018
A previous global comparative study estimated that 35 million the number of cryptocurrency users in 2018. Compared to the 100 million users estimated by this study of Cambridge Center for Alternative Finance this represents an increase of 189%. In the third quarter of this year alone, there was up to 191 million new accounts opened in exchanges. Impressive numbers that don’t even take into account the number of wallets that are self-hosted.
To explain this significant increase, the researchers put forward two main reasons. It is first of all about the 37% increase in the number of accounts followed by ” makes thata greater proportion of accounts are systematically linked to an individual’s identity “. The researchers say that this is what enabled them ” ofincrease the estimate of the minimum number of users associated with accounts at each service provider “.
A methodology based on the geolocation of users
This approach was used due to the activity of accounts held with exchanges which varies from region to region. Indeed, the largest activities are reported in North America and Europe with 40% of total users considered active according to researchers. We then fall to rates of 16% and 10% for exchanges and other crytpos structures based respectively in Latin America and in the APAC countries.
The researchers also took into account public data and surveys, using a combination of verified user data. While admitting the existence of a limit to the methodology used, the researchers still attested to the reliability of their estimate of the total number of cryptocurrency account holders in the world.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The findings of this study prove that the use of cryptocurrencies around the world has reached a new level. It would nevertheless be much more relevant to look at the part actually occupied by cryptocurrencies in the exchanges carried out on a daily basis by its users.