Over 100 million people worldwide use cryptocurrencies, according to the recent research from the Cambridge Centre for Alternative Finance.
As of the 3rd quarter of 2020, 101 million users opened 191 million accounts on cryptocurrency exchanges, compared with 35 million users with 139 million accounts in 2018.
“This 189% increase in users may be explained by both a rise in the number of accounts (which increased by 37%), as well as a greater share of accounts being systematically linked to an individual’s identity, allowing us to increase our estimate of minimum user numbers associated with accounts on each service provider,” researchers explained.
According to the study, cryptocurrency firms based in North America and Europe show higher user activity — 40% of the total users. This figure is lower in companies in the Asia-Pacific region and Latin America — 16% and 10% respectively.
These findings are in line with other recent consumer research, that also highlights an increase in cryptoassets ownership. A study commissioned by the UK financial regulator estimated an increase of 78%.