Bitcoin market gains 101 million new users in 2020 after almost 200% growth

In addition to investors, the number of accounts increased by 191 million over the period under review

A study on the growth of the cryptomorphic market shows that 101 million new users were registered in 2020 alone. According to data from the University of Cambridge, this figure is the result of almost 200% growth in the last two years.

As of 2018, there were only 35 million users in the Bitcoin market, according to data from the Global Cryptoasset Benchmarking Study. However, that number jumped to 101 million in just over a year.

In addition to the growth in the number of users, the survey shows that addresses created by exchanges and digital wallets also increased dramatically over the period, jumping from 139 million in 2018 to around 191 million accounts in 2020.

Bitcoin market grows in 2020

The number of new users in the cryptomachine market has grown by 189% in the last two years. As the University of Cambridge’s Global Cryptoasset Benchmarking Study shows, 101 million investors were reached by the third quarter of 2020.

In other words, the number of new users could continue to rise until the end of the year. Similarly, the number of new accounts may be even higher. While the number of users grew 189%, the number of accounts increased 37% in two years.

In total, data from 280 companies operating in the market, spread across 50 different countries, was analysed. The total number of new users in the cryptomorph market in 2020 is 20 times Profit Secret higher than the number of users registered by the survey in 2016.

In that year, only five million new investors were registered. Meanwhile, 45 million new accounts were created during the second Bitcoin halving.

„This 189% increase in the number of users can be explained by both an increase in the number of accounts (which increased by 37%), and a higher share of accounts being systematically linked to an individual’s identity, which allows us to increase our estimate of user numbers associated with accounts at each service provider“.

Retail leads the way in Latin America and the Caribbean

The analysis presented by the Global Cryptoasset Benchmarking Study also provides data on how each sector operates in the cryptomorphic market, separated by geographical location.

Thus, Latin America and the Caribbean is presented as the location with the largest number of cryptomote investors operating in the retail market, with 82% of all users of the sector located in that region. In contrast, Latin America and the Caribbean has the lowest number of investors considered institutional.

Data shows that in Europe about one in three new investors are institutional, in Latin America they represent only 10% of all new users registered by Cambridge University research.

„While the majority of the corporate customer base is composed of individual customers, US and European companies report that on average 30% of their customers are corporate and institutional customers.