In brief

What drove the surge in adoption?


$84,112.00
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-0.35%$10.55
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-2.80%$0.00121475
-15.19%$0.03222818
-19.09%Reading
Cryptocurrencies are now used by more than 106 million people worldwide, according to a report by Crypto.com published today.
The cryptocurrency exchange identified a 15.7% increase in adoption in January alone and suggested that, while Bitcoin’s most recent rally was fuelled by existing users, it was new adopters who helped the price stay high.
Strong growth in Bitcoin’s price was the number one driver for the increase in users, according to the research, which incorporated data from 24 crypto exchanges.
But other likely factors include the popularity of decentralized finance (DeFi,)—a new financial ecosystem that uses blockchain technology to provide financial services without third parties.
The Crypto.com data also shows that Ethereum, the second-largest cryptocurrency by market cap, led the crypto market’s growth in August 2020, which coincides with the height of the DeFi boom.
Increased investment from institutions, led by Microstrategy and Square, was another big contributing factor, per crypto.com. (MicroStrategy kept this up, today revealing it has bought another $1 billion in Bitcoin)
After PayPal started offering the ability for its customers to buy and sell cryptocurrency in late 2020, adoption rates significantly rose then too, the researchers noted.
"Africa will define the future (especially the Bitcoin one)”, tweeted Jack Dorsey, CEO of Twitter and payment provider Square, at the conclusion of a whirlwind tour of the continent last year. Dorsey, a Bitcoin enthusiast, has concluded that African nations have the optimum conditions needed for crypto to flourish: weak local currencies, which make it harder to get the dollars needed for global trade; complex and costly money transfers, and—perhaps most importantly—an enthusiastic, youthful, te...
In a separate report published last week, Statista suggested that Nigeria is the leading country for cryptocurrency adoption; one in three of the data analytics startup’s survey respondents said they had used or owned cryptocurrency in 2020. Nigeria also dominates search traffic for the keyword “Bitcoin,” according to Google Trends.
And crypto adoption is also increasing in South-East Asia. Per Statista, one-fifth of Vietnamese survey respondents said they used cryptocurrencies last year—despite the central bank’s refusal to recognize the asset class as a legal means of payment.
President Donald Trump announced Monday alongside TSMC CEO C.C. Wei at the White House that Taiwan Semiconductor Manufacturing Company will invest an additional $100 billion in U.S. manufacturing facilities. "This will create hundreds of billions of dollars in economic activity and boost America's dominance in artificial intelligence and beyond," Trump said during a press conference, adding the expansion would generate between 20,000-25,000 jobs. The investment builds on TSMC's existing $65 bill...
Business intelligence software company Strategy, formerly known as MicroStrategy, signaled on Monday that it did not buy the latest dip in Bitcoin’s price. In a Securities and Exchange Commission filing, Strategy stated that its holdings of 499,096 Bitcoin, worth $44 billion, remained unchanged amid chaotic price action last week. Since the firm began buying Bitcoin under the leadership of co-founder and Executive Chairman Michael Saylor, Strategy has amassed the world’s largest corporate stockp...
Binance, the biggest centralized crypto exchange in the world, will delist nine stablecoins for those in the European Economic Area (EEA), including coins issued by Tether, as they are not compliant with the EU’s Markets in Crypto Assets (MiCA) regulations. Starting March 31, the assets affected will be USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC and PAXG, the crypto exchange said in an announcment. Binance will continue to allow anyone to withdraw or deposit these coins but encourages EEA use...