According to a new study, the number of virtual currency users almost doubled during 2018. The information was released by the Cambridge Centre for Alternative Finance a few days ago. ID-verified crypto users went up from 18 million to 35 million during the first three quarters of this year.
Crypto Users Grew Despite The Market
The number of cryptocurrency users continues to grow amid a bear market. From the beginning of the year and until the third quarter, the number of ID-verified users grew from 18 to 35 million.
During this year, virtual currencies have been in a bear trend that did not seem to affect the interest of new crypto users. While Bitcoin tumbled around 80%, there was an increase of almost 100% in the number of verified crypto users in the space.
This is very positive for the future of the space. Although we might be experiencing a downtrend, if new users keep entering the market, the price of the most popular virtual currency could be positively affected. Thus, an eventual recovery could be near.
Authors of the study commented on the report:
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients. Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.”
The number of crypto-related accounts has also increased over time. However, only one user can have multiple accounts in different exchanges, wallets and platforms. During the last months, several individuals and experts said that Bitcoin was going to reach new lows and might even go down to $1,500.
There are also some companies that are very bullish about the virtual currency space. Grayscale’s Bitcoin Investment Trust has experienced a record number of BTC deposits this year. At the same time, the company already holds more than 1 percent of the entire supply of Bitcoin.
Goldman Sachs and the Intercontinental Exchange, among others such as Fidelity Investments, are going to release crypto-related platforms for institutional investors. This would also help the market continue to expand with new investors.
Currently, each Bitcoin can be purchased close to $3,330. It also has a market capitalization of $58 billion.
