Cryptocurrency Adoption Goes An Extra Mile, Thanks To Bitcoin & Institutional Sector

Crypto.com’s latest study reveals surpassing of 100 million mark in terms of crypto users at global level. Digital currency market weight and size was taken into consideration in the Crypto.com’s study. The analysis revealed that till January 2021 the number of users has become over and above 106 Million.

It has been recorded by Crypto.com that the number of global users for digital currencies have grown exponentially since Dec. 2020. It was noted that the number has increased by almost 106 million. This meant that in less than a month 15.7% new users have joined the industry.

In the context of this huge increase in the numbers of fresh crypto users, Crypto.com has published an exclusive study. In this study paper, the website has discussed the factors which helped the crypto industry grow on a rapid pace. Also it talks about who were the major players for propelling such extra-ordinary adoption of digital currencies.

The study paper also contains findings and observations by Crypto.com’s, Chief Operating Officer, Eric Anziani in which he has stated that:

Crypto.com has substantially improved its traditional methods of finding out and determining the trends assisting in digital industry’s growth. The obvious reason for such a growth is because in 2020 private sector (including companies/organizations) plus merchants adopted Bitcoin as fair hedge. Also they both used Bitcoin along with other digital coins as mode of payment. 2020 was without a doubt a year which exclusively belonged to digital currency sector. A year which will be remembered as year of crypto mass adoption which brought the world closer to cryptocurrencies.

The COO further suggested that Bitcoin smashed its own records and continued to push to acquire more values. As a result, the value is now reaching over US$ 50,000 while the market cap has instantly gone past US$ 1 Trillion. According to him there aren’t any signs of reduced interest in Bitcoin for the time being. He was of the view that though still February hasn’t ended, yet investors have been putting in millions and billions in Bitcoin. He referred to the recent investments by Tesla, Square and Motely Fool which collectively exceeded US$ 1.75 Billion.

As per Crypto.com’s study, Bitcoin wasn’t alone which gave rise to mass adoption of cryptocurrencies globally. There were various other factors which too played crucial parts in the overall growth of crypto industry, said the study. The study also accredited DeFi market as prominent proponent which provided crypto users the ability to sell/purchase and hold digital assets.

Another major contributor of the growth was PayPal which integrated crypto trading and custodial services within its system, said the report.

But currently the driving force behind is none other than institutional backing of crypto and that is not going to last soon.