Research Manager: Kevin Wang
Crypto.com Research Finds more than 106M global users in Jan 2021 likely events that drove crypto adoption was the huge growth of DeFi last summer, PayPal’s opening up crypto services, and massive institutional adoption and facilitation of cryptocurrencies.
Executive Summary of the Report
Key Takeaways
- The number of global crypto users reached 106 million in January 2021
- Strong growth in Bitcoin adoption was the main driver for January’s 15.7% increase in the global crypto population
- Likely events that drove crypto adoption was the huge growth of DeFi last summer, PayPal’s opening up crypto services, and massive institutional adoption and facilitation of cryptocurrencies.
Introduction
Our first version of the on-chain market sizing article designed and introduced a methodology that combines on-chain data with some blended parameters to estimate the number of global crypto owners. By the end of May 2020, the number was more than 66 million.
In the latter half of 2020, we have seen accelerated adoption growth due to some remarkable events: the rise of DeFi in the summer, PayPal’s opening on crypto purchase for the US users in November, and institutional adoption in December (e.g., Grayscale, MicroStrategy). With this in mind, we decided to review and adjust our methodology to better capture the trend of global adoption.
In this revamp, we updated the following that control our final results:
For the crypto exchanges captured in our studies, we have added three more exchanges (itBit, HitBTC, Bybit), and now all exchanges included are listed below:
Read the full report here: Crypto.com Data Report – On-chain Market Sizing
