Global Crypto Users Expected To Reach 1 Billion In 2022, Says Crypto.Com Report

Global Crypto Users Expected To Reach 1 Billion In 2022, Says Crypto.Com Report
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Crypto.com estimates that the number of crypto owners throughout the world will exceed 1 billion by the end of the current year, after a considerable increase in their numbers in 2021.

According to the cryptocurrency exchange, the combined number of owners globally increased by 178% in 2021 – from 106 million in January to 295 million in December.

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The adoption of cryptocurrency by people and investors in the first half of last year had been “remarkable”, said the Crypto.com report while describing the growth in cryptocurrency adopters last year. The report noted that the drivers for the growth were the embracing of cryptocurrency by electric car maker Tesla and payments giant Mastercard as well as the decision of the South American country El Salvador recognizing bitcoin as a legal tender for the country.  

Meanwhile, further crypto conversation in the community increased institutional acceptance, and the launch of the first bitcoin ETF in the US were all key drivers of growth in the second half of last year.

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“Unlike the trend of the first half of 2021, bitcoin drove the growth and outperformed Ethereum adoption in the latter half. Bitcoin also gained market share during Q3-Q4 from altcoins,” Crypto.com noted.

According to Crypto.com, bitcoin users increased by 37.5% to 176 million in the second half of 2021, while Ethereum users increased by only 1.4% to 23 million.

“The weakness of Ethereum adoption may result from the emergence of Ethereum competitors like terra and avalanche together with the Layer 2 solutions that bridged assets away from Ethereum to other chains,” the firm said.

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The report from the firm also singled out the month of August 2021 as a particularly strong growth month for cryptocurrency adopters with a growth of 15.2%, or about 263 million new crypto users were added in that month alone.

As of December 2021, bitcoin held 60% of the global cryptocurrency market share while the market shares were at 8% for Ethereum and the rest of the cryp[tocurrencies made up the rest 32% of the market.

Crypto.com predicts a more welcoming attitude toward the crypto business in the future, with developed countries, are anticipated to build clear legal and taxation frameworks and policies for crypto assets. it also expects more countries poised to adopt crypto as legal cash and modes of payments. “Nations can no longer afford to ignore the growing push towards crypto by the public,” the firm said.

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