Sunday, November 29, 2020
Home Blockchain News University of Cambridge: Crypto Asset Users Have Skyrocketed to 101 Million Globally

University of Cambridge: Crypto Asset Users Have Skyrocketed to 101 Million Globally

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.”

They added:

“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

Popular Articles

Bitcoin’s (BTC) Positive Twitter Commentary is Near a 6-Month High

Quick take: Positive twitter comments related to Bitcoin are near a 6-month high The last time the sentiment was this high, was during the Bitcoin halving...

Stratus: One Social Media Platform to Rule Them All

The CapitalNov 29 · 3 min readStratus, the exciting all-inclusive social media ecosystem, has just been launched. Stratus is among one of the most...

Yield farming is a fad, but DeFi promises to change the way we interact with money

As the COVID-19 outbreak wreaks havoc on the United States’ economy and abroad, investors grapple with a second economic downturn in just over a...

XRP Army Hit By New Scam Promising Community Incentives & Support

Quick take: The XRP army has been targetted once again by scammers As with previous XRP scams, they promise community incentives and support for XRP holders The...

Ethereum’s Price Could Rapidly Rise to $750 – Crypto Analyst

Quick take: According to crypto analyst MagicPoopCannon, Ethereum could be on a path to test $750 If $750 is broken, Ethereum could very well push higher...

Binance Coin, Waves, Enjin Price Analysis: 29 November

Some of the market’s large-cap altcoins initiated a recovery on the charts after seeing their value slashed in a matter of hours, following Bitcoin’s...