Global crypto population surpasses 100 million; Boomers and Gen X now keen on Bitcoin

Thursday 25 February 2021, 9:16 AM AEST - 1 month ago

A survey from digital asset exchange Crypto.com estimated a 15.7% increase in the global crypto population, in January alone. Overall, there are 106 million global crypto users as of January 2021.

Source: Crypto.com

According to researcher Kevin Wang, at Crypto.com, strong growth in Bitcoin adoption happened to be the main driver for the peak. Major events last year, such as PayPals decision to integrate crypto into its payment network and institutional adoption of cryptocurrencies fueled the surge. Other than BTC, the growth of DeFi allowed Ethereum to lead the crypto markets growth in August 2020.

Source: Crypto.com

The months of June and August last year and January 2021 were exceptionally strong months in terms of a surge in crypto population. Wang noted that such periods of strong growth in adoption accompanied periods of strong price performance in Bitcoin.

Source: Crypto.com

To estimate the number of global crypto owners, the calculations were made through BTC and ETH on-chain data, separately, and combined with other parameters. Crypto.com stated that the findings were subject to some limitations and caveats.

The analysis is also built on Crypto.coms own internal data, as well as on-chain data and survey analysis. But, this may not estimate OTC users and off-chain transactions effectively. The fact that sub-accounts in exchanges may not be reflected accurately was also noted. However, researchers assumed that all on-chain users still own crypto today, while others could have sold their holdings already.

Meanwhile, another survey revealed that Baby boomers and Gen X are piling into Bitcoin and other c ...

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