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As we approach the new year, it’s time to reflect on all that happened in 2018. In the cryptocurrency sector, there were a few ups and downs, more so than in 2017, the year the crypto boom took flight. But while various companies (and coins) had their share of plunges, the number of crypto users in 2018 doubled.
Crypto Users in 2018
On Wednesday, December 12th, the Cambridge Centre for Alternative Finance published a study detailing the number of ‘verified’ crypto users the sector gained in 2018. The figure was over 15 million (17 million, to be exact).
The study also said the number of ID-verified crypto users came close to doubling in the first three quarters of the year. It went from 18 million to a whopping 35 million.
Despite the 2018 crypto market decline, which caused many to run in the opposite direction, the Cambridge Centre study puts the future of crypto in an optimistic light. In fact, Bloomberg, when analyzing the study, concludes that even though the market declined in 2018, the increase in crypto users is evidence that an eventual recovery might be on the way. Bloomberg also believes the study indicates that most crypto users are “still speculators and long-term investors.”
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Should We Believe the Crypto Study?
Crypto 2018 was a rollercoaster ride. Some lost hope, others did not. Cameron Winklevoss, a co-founder of Gemini, described the year well in a tweet:
In 2018 everyone wanted to be in crypto. In 2019, we will find out who really wants to be in crypto.
— Cameron Winklevoss (@winklevoss) December 10, 2018
One thing, however, that we can take away from the Cambridge study is that it’s not just business clients who are investing in cryptocurrency. Instead, it’s individuals, like consumers, retail investors, and anyone “seeking a better investment or payment alternative.”
As long as there’s an audience seeking these market changes, it’s likely crypto 2019 will see continued user growth; even if the prices of coins plunge from time to time (looking at you, Bitcoin).
What do you think?
Featured Image: depositphotos/alexey_boldin