According to Crypto.com, the total global population of crypto users has reached over a massive 100 Million, a first for the crypto community. The reports had first indicated around 106 million users this January. This study was carried out among 24 exchanges and with upgraded methodologies.
New retail and institutional crypto enhancements alike have been emerging in recent times. Businesses, most especially high profile companies, have been acquiring assets and adopting crypto units. Well known personalities and celebrities have also expressed support by investing, social media glorification etc..
In my opinion, this rising population solely revolves around usage of the top currency, Bitcoin. In the month of January alone, there was a 15.7% increase in Bitcoin usage since last December.
“Our study improves upon previously used methods to find a clear trend of growing cryptocurrency ownership. As more companies and merchants adopt cryptocurrencies as a treasury asset and means of payment, we expect 2021 to be a banner year for crypto mass adoption, bringing us ever closer to our vision of ‘Cryptocurrency in Every Wallet’”, says Eric Anziani, COO of Crypto.com
Bitcoin Adoption skyrocketed quite recently in the year 2021. More institutional investors like Tesla, PayPal. Cash App, Square, MicroStrategy etc. have all become crypto-inclined. Some of these companies have already expressed deep support for digital assets. Microstrategy for instance, had announced that “acquiring digital assets” was a huge part of current business strategies.
Thanks to recent widespread use and acceptance, Bitcoin managed to topple over its $50,000 Psychological high. The coin even went as far as $58,000 but currently stands at around $46,000. It is quite an unfortunate dip, but the coin still sustains the potential for future bullish results.
Let us not also forget the coin’s recent record market capitalization value of $1 trillion.
Asides Bitcoin usability, growing momentums in DeFi concepts have also contributed to increased crypto usage. “Spendability”, the number one hindrance faced by crypto holders has been challenged. People do not gain pleasure in having to first convert to fiat for real-time trades. Paypal is one company that tackled the problem. They allow crypto to be traded amongst merchants now, hereby easing trades via crypto.
I believe that with less hindrances among cryptocurrency in real-time trades comes higher usage. Therefore, this gives way for a growing crowd to follow in the concept of transactions and investment with digital assets.
