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The number of Cryptocurrency Users has Exceeded 100 Million

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Cryptocurrency Users

The number of cryptocurrency users has exceeded 100 million

In January 2021, the number of cryptocurrency users reached 106 million, according to a report from the cryptocurrency payment platform Crypto.com.

Analysts studied data from 24 bitcoin exchanges. During January, new users increased by 15.7%, while in the previous three months the growth rate was 0.8-1.3%. According to the researchers, the positive dynamics could have contributed to the rise of the first cryptocurrency to new historical highs.

Among the additional drivers, analysts mentioned the DeFi summer, the addition of PayPal to the ability to buy and sell bitcoin, as well as the relaxation of restrictions on the use of cryptocurrencies.

If in August the market fueled the excitement around decentralized finance protocols, then in January the growth provoked growing interest from institutions, analysts said. They cited the activity of the MicroStrategy company as an example.

Crypto.com estimates that 71 million users owned Bitcoin in January and 14 million users owned Ethereum. During this period, the audience grew by 30.2% and 13.1%, respectively.

Cryptocurrency Users

*Bitcoin and Ethereum user dynamics. Data: Crypto.com

The researchers pointed out the limitations of the methodology, which is based on the blockchain data of Bitcoin and Ethereum. In particular, the sample may incorrectly take into account those users who work through OTC services.

Recall that in September the University of Cambridge calculated that in two years the number of users of cryptocurrencies has almost tripled – from 35 million to 101 million people.

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