The study showed the global spread of users of cryptocurrencies. It highlighted that the majority of them are located in North America and Europe.
A recent study by the Cambridge Centre for Alternative Finance has shown that there is increasing global adoption of crypto by users. The study which was tagged “Third Global Cryptoassets Benchmark Study” showed a marked increase from the previous one conducted in 2018.
The results of the released study show that there are 101 million unique crypto users globally. This is a 189% increase from the 2018 study which reported 35 million users. And there 191 million accounts served by cryptocurrency exchanges. This figure excludes those users who have self-hosted wallets.
The recently revealed report reads:
“This 189% increase in users may be explained by both a rise in the number of accounts (which increased by 37%), as well as a greater share of accounts being systematically linked to an individual’s identity, allowing us to increase our estimate of minimum user numbers associated with accounts on each service provider.”
The study also showed the global spread of the users. It highlighted that most users are located in North America and Europe. These regions also have the highest number of active users pegged at 40%. APAC and South America have 16% and 10% active users respectively.
The researchers used a combination of publicly available data and surveys to link verified users of cryptocurrency wallets to owners. The strategy has been criticized but the conductors of the research insist that the result is the most realistic representation of the numbers of cryptocurrency users globally.
It alluded to the need for individuals and businesses to work remotely as a result of the COVID-19 pandemic as another factor that may have driven the demand for payments with digital currencies.
Despite the uncertainty and economic rollercoaster ride that 2020 has brought us with the introduction of the global COVID-19 pandemic, we have learned that even in trying times, businesses and markets have reached a critical point where operations can sustain even a majority of their employees working remotely. Even as the pandemic continues forward, finance still moves, and specifically, alternative finance has its place in a post-pandemic world and the research and analysis of trends in emerging still press forward.
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Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
