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How many people have crypto?

by | 12 Oct 2020

How many people actually own crypto?

Over the last three years, the Cambridge Centre for Alternative Finance (CCAF) has been monitoring and analyzing the development of the global crypto industry.
The industry has changed significantly since then: the bubble of the first public token offerings(ICO) (2017-2018) has led to closer attention by regulators, resulting in greater efforts to comply with regulations. In addition, new professional infrastructures and services have emerged, as well as increased interest from institutional investors.

For the 3rd edition of its Global Cryptoasset Benchmarking Study, the CCAF collected data from 280 sources in 59 countries. Here are some of the findings:

Number of crypto users
The CCAF estimates that the total number of cryptoasset users is approximately 101 million individual users and 191 million accounts opened with various service providers by the third quarter of 2020. In 2018, the number of identity verified cryptoasset users worldwide was estimated to be around 35 million, so the sector has grown dramatically since this report.
This does not include users who have created a wallet anonymously for themselves. The exact number of crypto users is probably even higher.

Institutional users on the rise
According to the report, cryptoasset service providers with operational headquarters in North America and Europe report that business and institutional clients account for 30% of their clients – a significant portion of the sector.

Licensing

The CCAF report indicates that about two-fifths of the companies surveyed have a license or are in the process of obtaining one as regulation is catching up. These companies are mainly based in Europe. The percentage of companies that manage digital assets but do not perform customer data checks has fallen dramatically from 48% to 13% compared to the 2018 report.

Mining
With regard to crypto-mining, the report claims that 39% of the PoW (proof of work) mining is powered by renewable energy. The CCAF study also found that 52% of ASIC computing equipment sales in 2019 went to Chinese mining companies.

Stablecoins on the rise
The use of Stablecoins is increasing according to the report, with the proportion of service providers supporting tether increasing from 4% to 32% between 2018 and 2020. (Tether ( short USDT) is a digital currency whose price is linked to the US dollar).

We are pleased with these figures and developments and hope that crypto adaptation will continue in a similar fashion.

You can find the complete study here:
https://www.jbs.cam.ac.uk/wp-content/uploads/2020/09/2020-ccaf-3rd-global-cryptoasset-benchmarking-study.pdf