2018 has been a tough year for the crypto market, with many cryptocurrencies on the back foot, losing almost 90% of their value in a matter of months. However, it appears that despite this year’s prolonged bear market, the cryptocurrency space has seen an influx of new users, flocking in their millions to join the nascent space.
However, it appears that despite this year’s prolonged bear market, the cryptocurrency space has seen an influx of new users, flocking in their millions to join the nascent space.
While some cite this as the year of the bear, it could more accurately be described as the year of user adoption. A new study by the Cambridge Centre for Alternative Finance depicts a doubling of new users registering this year. 2017 saw almost 18 million users jump into crypto, now that number is at 35 million.
These exciting new figures, go to prove that HODL is not just a meme, but a frame of mind…
Interestingly the study asserts that the new entrants are individual retail investors rather than institutional or business based clients:
“Conforming with popular narratives, survey data indicates that most 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”
This infers that many institutional investors are still watching from the sidelines, looking for a point of entry.
Read more: Is Bitcoin preparing for a bull run?