Crypto Population Reaches 200 Million in 4 Months
In a space of 4 months, the global crypto population doubled from 100 million to 200 million according to a new report released by Crypto.com. Talk about drastic growth.
In one of our previous posts, we highlighted how the crypto industry has been experiencing growth, attracting mainstream institutions and investors like Visa, Mastercard and several others. However, these new numbers show that the industry is certainly on an upward trajectory.
It initially took the crypto population 9 months to hit 100 million from 65 million as observed by Crypto.com. Reaching 200 million within a time span of 4 months is certainly a new landmark achievement for the industry at large. As of the end of June, 2021, the global crypto population had hit 221 million, the report says.
What drove this growth?
While Bitcoin may have contributed to the early growth as of the beginning of this year, the actual surge in the population came from altcoin adoption. Crypto newbies who trooped into the industry showed more interest in new crypto like Shiba Inu (SHIB), Dogecoin (DOGE) and several other altcoins.
This clearly shows that there are other promising potential altcoins gaining ground in the market and worthy of attention. As a matter of fact, Bitcoin and Ethereum have surprisingly been shedding their market shares in terms of crypto owners, while other crypto are steadily gaining more popularity. The crackdown on Bitcoin and crypto related activities by China and the development of better consensus mechanisms like PoS (Proof of Stake) may have contributed to this trend.
Since Elon Musk openly criticized Bitcoin for environmental concerns causing Tesla to suspend Bitcoin payments, the attraction to other digital assets increased immensely. His endorsement of Dogecoin certainly sparked more interest from the public. Meme coins like Shiba Inu and Dogecoin have led the growth in the ownership of altcoins which has gone up by 50%.
The influx of new users into the crypto space have been massive so far and it appears there are no signs of slowing down anytime soon. This is by far no small achievement for the crypto industry. Rather it signals that the crypto industry, despite regulatory challenges, is well on course for global adoption.
Do we see the crypto population growing even bigger? A big yes! The potentials of blockchain and DeFi are gradually becoming clearer to all. It’s only a matter of time before DeFi becomes the new normal in the finance world.