Cryptocurrency adoption has become a hot topic in the recent past. Just recently, a renowned kingpin in the crypto space, Changpeng Zhao, intimated that only 1 in 1000 individuals own crypto assets ranging from Bitcoin to all altcoins in existence.
While speaking live, Zhao described the current state of affairs as “just the tip of the iceberg” considering an expected mass adoption in crypto for the next three decades. The CEO of Binance, a crypto trading platform, shared his confidence about a projected 50 percent of the global population owning virtual currencies within the next thirty years.
Study: A Significant Rise in Crypto Adoption
Zhao’s words come hot in the heels of an era of crypto investor uncertainty when investors need reassurance about the longevity of the industry. This is important considering the price fluctuations that have rocked various coins in the last two years – an aspect that drove a significant number of investors to doubt the future of a crypto-propelled world.
Having said this, we should all cut the cryptos some slack, a large proportion of currently popular technologies took years to gain significant footing among consumers. Otherwise, the latest reports on crypto adoption paint a bright future as far as the mass acceptance of virtual currencies across the world is concerned.
Take note of the 2018 study by the Cambridge Center for Alternative Finance, which verified reports about the doubling of bona fide crypto users from what they were in the year 2017 to what they became the following year.
According to the document, the conclusion of the year 2017 saw an attainment of 18 million users running the crypto ecosystem, a number that rose to an impressive 35 million users in 2018. Statistically speaking, this represented a 94 percent rise in the number of crypto users in 2018 alone.
Point to note, the Cambridge study employed a wide range of survey variables to compute the numbers and highlighted the fact that the data reflected individual crypto users as opposed to business clients.
In simple terms, this class of people constituted enthusiasts, retail figures, regular consumers and investors seeking alternative forms of payment and investments through virtual monies.
In addition, the study presented the premise that an increase in the number of accounts at crypto exchanges was witnessed to match the rapid increase in the number of new users from 2017.
In 2017, about 80 million accounts were inexistent while 150 million accounts marked a rather interesting 2018. It is also noteworthy to realize that the number of users seeking verification for their accounts is on the rise. The year 2017 saw about 20 million users verifying their accounts, this number doubled to 40 million the following year.
Mass User Adoption: The Silver Lining
Considering the plummeting of crypto markets since their inception, the statistics surrounding user adoption give the promise of a hopeful cryptocurrency future. The increase in adoption amid falling prices is a good indication for the long term health of virtual monies, a factor that predisposes to a possible recovery in the horizon – leading to the growth of products and services in the industry.
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