The total number of users interacting with Bitcoin and cryptocurrencies grew 189% on a global scale in the last two years. The figure has already exceeded 101 million operators, according to an analysis published by the Center for Alternative Finance at the University of Cambridge.
In the report Titled “Third World Benchmark Study of Crypto Assets,” the researchers note that cryptocurrency service providers have also increased their reach. In fact, there would already be more than 191 million accounts open on various platforms such as exchanges, wallets or P2P exchanges, for example.
The study relates global growth to an increase in the number of accounts created at service providers. It is estimated that in the last four years the accounts created have quadrupled. The figure in 2016 was 45 million and in 2018 it was 139 million.
One fact that is striking is that the number of active users remains below the number of accounts generated. From the above it is inferred that each user would have multiple accounts in various types of services.
Regarding the report, Robert Wardrop, director of the Center for Alternative Finance, highlighted that the expansion began in 2018, months after bitcoin reached its highest historical price in the market.
“The research results suggest that the industry has entered a growth stage despite the notable headwinds the crypto asset markets have encountered since 2018,” he explained.
Latin America, Bitcoin and its adoption
Although the number of users per region is not specified, it is states that there are disparities between different geographical areas. For example, in Asia you would find the highest percentage of high growth companies with 39% of the companies surveyed.
The smallest proportion would be in Latin America, with only 13% of the companies. A high-growth company is one that is determined by the size of its workforce or the profits it has generated.
Two other business behaviors to highlight are the types of users that companies serve and their profitability.
While in North America and Europe service providers have a mix of institutional and retail clients, In Latin America the main trend is to support retail customers. In addition, it is also confirmed that the longer the company has in the bitcoin ecosystem, the more profitable it is.
For the research, more than 280 entities that make life in the bitcoiner ecosystem of almost 60 countries. The analysis was oriented to four segments: that of the exchanges, that of payments, custody and mining, while the data was collected between March and May 2020.
Among the Latin American companies and associations that participated in the research, the following stand out: NGO Bitcoin Argentina, Blockchain Spain and Alianza Blockchain Iberoamérica, Bitso, Asociación Bitcoin Chile, Koibanx, OrionX, Cryptopatagonia, Blockchain Mérida, ArgenBTC, Asociación Fintech Paraguay, Asociación Fintech Uruguay, Fintech Mexico and Colombia Fintech.
The work by the University of Cambridge is the third presentation of the study that began in 2017. CriptoNoticias reported in April of that year that the estimated number of cryptocurrency users, according to the researchers, it was almost 3 million people. The second version of the analysis was published in 2018.