Crypto owners of different cryptocurrencies have been on the rise for the past years. Each year the number of people who take an interest in cryptocurrencies continues to rise. As such, it’s not quite shocking to know that their numbers will also likely increase. The number of cryptocurrency owners worldwide is likely to surpass one billion by the end of the year. All this data are according to a survey published by Crypto.com. In addition, aside from common citizens, many countries are also taking interest in cryptocurrency. Some countries are even more open to the use of cryptocurrency in their trade and transactions.
Nations can no longer afford to turn a blind eye to the burgeoning public interest in cryptocurrency. Crypto owners have been more vocal regarding their use and ownership of different cryptocurrencies in the market. They may anticipate a more accommodative attitude toward the cryptocurrency industry in many instances. This is according to the company.
According to a new report, there will be more than 1 billion cryptocurrency owners worldwide this year. Research published last week by Crypto.com, titled “Crypto Market Sizing,” provided an examination of cryptocurrency usage around the world. The predicted numbers show a huge amount of people are engaging and planning to engage in cryptocurrency.
Crypto owners continue to increase in the previous year.
Specifically, the data showed that the global crypto population expanded by 178 percent in 2021. It grew from 106 million in January to 295 million in December. The company provided an explanation as to the number they are predicting. According to the report, crypto adoption was “exceptional” in the first half of 2021. Meanwhile, bitcoin served as the primary driver of growth throughout this period.
By the end of 2022, it is projected that the number of cryptocurrency users will surpass one billion. Furthermore, “Nations can no longer afford to ignore the public’s growing interest in cryptocurrency.” “In many circumstances, we can anticipate a more accommodative attitude toward the crypto industry,” the paper reads.
“We anticipate developed nations to establish clear legal and taxation frameworks for crypto assets,” Crypto.com stated, adding that “we expect developed nations to developing clear legal and taxation frameworks for crypto assets.”
Following in the footsteps of El Salvador, more countries that are dealing with a high inflationary economy and a depreciating currency may decide to accept cryptocurrencies as legal cash.
El Salvador legalized bitcoin as legal cash alongside the U.S. dollar in September of last year. This decision made El Salvador the first country to do so. As a result, the country has purchased 1,801 bitcoins for use in its treasury since then. The International Monetary Fund (IMF), on the other hand, is concerned and has pushed El Salvador to abandon bitcoin as a legal tender.
Despite the International Monetary Fund’s stance on bitcoin, numerous people, including Salvadoran President Nayib Bukele, have projected that more governments will legalize the cryptocurrency as legal tender in 2018. Other sovereign nation-states are expected to acquire bitcoin this year, according to financial behemoth Fidelity, which recently stated that bitcoin is “a sort of insurance.”