In its 3rd Global Cryptoasset Benchmarking Study, The University of Cambridge found that the estimated number of cryptoasset users stood at 101 million worldwide.
This is nearly three times the number of crypto investors recorded in 2018, which was estimated to be around 35 million.
The growing appetite for crypto
The report by the Cambridge Centre for Alternative Finance researchers highlights the growing inclination towards cryptoassets like Bitcoin. This observation correlates with a recent study by Glassnode, an on-chain market analytics firm, which disclosed that the amount of Bitcoin wallets transferring funds to crypto exchanges has doubled since the beginning of the year.
Glassnode acknowledged that this trend highlighted an increase in the number of people investing in Bitcoin due to the sharp devaluation of the U.S. Dollar, caused by the coronavirus (COVID-19) pandemic.
The Cambridge study depicts the exponential growth of crypto users in a span of two years. The researchers noted:
“An updated estimate of the number of cryptoasset users indicates a total of up to 101 million unique users across 191 million accounts opened at service providers in Q3 2020. In 2018, the number of identity-verified cryptoasset users stood at about 35 million globally.”
“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.”
Findings are in line with other studies
The Cambridge researchers asserted that regardless of methodological limitations, their findings corresponded with those of other studies. They stated:
“Other recent consumer research also highlights an increase in cryptoasset ownership. A study commissioned by the UK financial regulator estimated an increase of 78%.”
When it comes to service providers, those operating from Europe and North America recorded the highest user activity, with the median firm having 40% of active cryptoasset users.
Image source: Shutterstock