Study Claims Higher Number of Crypto Users in 2018 Despite Bearish Market Conditions

Dec 14, 2018 at 20:46

According to a study published by the Cambridge Centre for Alternative Finance, the number of new crypto users are rising this year despite the market losing as much as 85 percent of its value.

According to the study, by the end of 2017, there were 18 million users participating in the cryptocurrency ecosystem, up by 94 percent compared to the 35 million users today.

Notably, the Cambridge study used a variety of survey data to come up with their numbers and stated that their data represents individual users and not business clients that includes hobbyists, retail investors, consumers or users seeking a better payment alternative or investment opportunity through cryptocurrency.

The study also found out that user growth rates were higher in 2017 but continued on into 2018 at a quick pace as the number of new users’ accounts and ID-verified users continued to grow and is still growing to date.

The Cambridge report also highlighted the increase in the number of accounts at cryptocurrency exchanges as the number of new users almost doubled from last year, the number of exchange accounts nearly doubled.

It also indicated that last year, there were 80 million user accounts against this year’s 150 million accounts as 20 million users verified their accounts in 2017 that doubled to 40 million verified user accounts to date.

However, a report released last month by the AMF (l’Autorité des marchés financiers), showed that global adoption of initial coin offerings as a scheme to finance businesses, slowed down.