The number of unique users with Bitcoin wallets is over 101 million
A new research focused on cryptocurrencies, said over 101 unique million users opened new accounts at crypto service providers such as exchanges and wallets.
This represents 185% growth from 2018 when the number of identity-verified users was only 35 million globally.
The metric showed strong growth for the nascent industry, which has been positioned as an alternative to gold and government bonds in recent times as a store of value to combat a bleak economic outlook and global slowdown.
Cambridge said the sample was sourced from 175 service providers, 75 mining companies, and 30 individual miners, and was collected between March and May 2020.
North American, Middle Eastern, and African companies appear to have a more geographically diversified clientele, with service providers in both regions reporting that 42% of their customers were from other regions — such as European firms registering users from Middle East Asia.
Service providers operationally headquartered in North America and Europe indicate that business and institutional clients make up 30% of their customers. However, this figure was much lower for APAC and Latin American firms at 16% and 10% respectively, the report said.
The composition of business and institutional clientele differed from region to region. While North American and European firms were seen to primarily served cryptoasset hedge funds and traditional institutional investors, Middle Eastern and African service providers that cater to non-retail clients focus on online merchants (50%).
In conclusion, there was never a better time to start making money within this industry. More users represents more liquidity and thus more price fluctuation.
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