Global Crypto Adoption Beginning To Gather Momentum — A Bright Future?

Global Crypto Adoption Soars

Global crypto adoption has undergone exponential growth this year. While the last months of 2020 saw a humble growth of less than 1%, crypto adoption surged by over 15% in January alone. By early 2021, the total number of crypto users worldwide was more than 106 million.

Within a span of just six months, crypto users more than doubled. According to a report by the major centralized crypto exchange Crypto.com, the cumulative number of crypto users surpassed the 221 million mark by late June.

“The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging, and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet,”

said Kris Marszalek, co-founder, and CEO, Crypto.com.

As of the latest data, there are more than 300 million crypto users across the globe. Notably, India accounts for approximately one-third of that figure with around 100 million crypto users, becoming the largest country in terms of crypto users. Following India, the US, with around 27 million crypto users, is ranked #2.

Meanwhile, the 2021 Chainalysis Global Crypto Adoption Index, an index that measures grassroots crypto adoption worldwide, suggests that crypto adoption across the globe has jumped by over 880% in 2021. In a report, the major blockchain analysis firm Chainalysis said:

“At the end of Q2 2020, following a period of little growth, total global adoption stood at 2.5 based on our summed up country index scores. At the end of Q2 2021, that total score stands at 24, suggesting that global adoption has grown by over 2300% since Q3 2019 and over 881% in the last year.”

According to the report, emerging markets, which are leading the global crypto adoption, turn to digital assets to preserve their savings from devaluation due to inflation, send and receive remittances, and for business transactions. On the other hand, crypto adoption in North America, Western Europe, and Eastern Asia has been largely driven by institutional investors.

The report also noted that the explosive growth of DeFi, as well as the rise of other segments within the crypto industry like NFTs, will further drive cryptocurrency usage and adoption across the globe.

“Cryptocurrency adoption has skyrocketed in the last twelve months, and the variation in the countries contributing to that show that cryptocurrency is a truly global phenomenon,”

the report concluded.

It is worth noting that besides individual crypto users, a significant number of businesses and startups have also adopted cryptocurrencies. Reportedly, around 18,000 businesses are already accepting cryptocurrency as a means of payment.

What the Future Holds for Crypto

In many ways, 2021 has been an exceptional year for the crypto industry. As of late 2020, the total crypto market cap stood at just around $700 billion. By mid-2021, that figure had spiked to more than $3 trillion. This eye-popping growth has made crypto a hot topic, but what is next?

Crypto fans view the industry as a more effective alternative to legacy finance, claiming that these platforms are inherently trustless systems. They argue crypto is a superior financial system and believe it will be the future of money.

On the other hand, some argue that crypto is still a new and speculative investment vehicle, adding that there are many uncertainties with regard to it. For instance, crypto is largely unregulated and lawmakers worldwide are trying to figure out a potential regulatory framework, while some have already outlawed the industry.

Bearing all of this in mind, the truth is that no one really knows what the future holds for crypto. Though it is evident that crypto is a viable solution for certain applications and holds limitless potential.

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