Crypto adoption is increasing. This is shown by a report from Crypto.com. In 2023, over half a billion people were invested in Bitcoin and Co.
Cryptocurrency Adoption Surges, Reaching 580 Million Investors in December 2023
In a recent report from leading crypto exchange Crypto.com, findings reveal a substantial increase in the attraction of cryptocurrencies, with a notable surge in adoption. The report scrutinizes the adoption trends of major cryptocurrencies, including Bitcoin and Ethereum.
The report’s key takeaway is that, by December 2023, an impressive 580 million individuals were actively involved in cryptocurrency investments. Over the past year, the market witnessed a surge of nearly 34 percent in new investors. This marks a significant rise from January 2023, when the investor count stood at 432 million.
Interestingly, despite challenging macroeconomic conditions, such as key interest rate hikes, the report notes a consistent rise in the number of new investors. Crypto.com attributes this growth to two main factors.
Firstly, the Shanghai update of Ethereum is highlighted, enabling the withdrawal of staked ETH. According to the report, this upgrade led to a 39 percent growth in new investors in Ethereum, bringing the current total to 124 million.
Secondly, the report points to the price rally fueled by the anticipation of the approval of Bitcoin spot ETFs in the USA. This development alone attracted 33 percent new investors by December of the previous year, bringing the total Bitcoin investors to an impressive 296 million people.
In summary, the Crypto.com report sheds light on the growing global interest in cryptocurrencies, showcasing a significant surge in adoption driven by key technological advancements and market dynamics.