A University of Cambridge research centre published a report on Tuesday showing that the number of verified crypto users has grown from 18 million to 35 million this year. Despite the dramatic drop in bitcoin’s price, the wave of new users could signal the market’s sustained faith in crypto’s recovery.
The number of verified users of cryptocurrencies almost doubled in the first three quarters of the year even as the market leader Bitcoin tumbled almost 80 percent, according to a study from the Cambridge Centre for Alternative Finance. Users climbed from 18 million to 35 million this year.
The data collected in the first three quarters of 2018, suggests that the majority of ID-verified crypto users are still individual “hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative”, rather than business clients.
Authors of the study said:
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients. Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative.”
The figures may provide a silver lining. If user numbers continue to increase even in a deep market downturn, that could signal that an eventual recovery could be coming.