The International Monetary Fund director Christine Lagarde said that “Citizens may one day prefer virtual currencies, since they potentially offer the same cost and convenience as cash — no settlement risks, no clearing delays, no central registration, no intermediary to check accounts and identities”.
At the end of June 2019, Statista announced that the number of Blockchain wallets has grown reaching over 40 million users.
It’s important to know that Blockchain is not just limited to cryptocurrencies. This technology has applications that are also used in non-financial industries as healthcare or energy. As the number of Blockchain applications grows, so will the number of Blockchain wallet users. See our article What is Blockchain? for more details.
According to a PwC study, fundraising activities in the crypto-asset industry has grown considerably in Europe with 41% of global fundraising deals in Q2 2019 compared to 34% in the last year. Like Europe, cryptocurrencies fundraised in the Asian market have jumped to 26% in Q2 2019. On the other hand, America captured only 28% of all deals in the same period while in 2018 the region accounted for 51% of global deals.
Also, according to age segment, a study made this year by eToro among 1,000 U.S. online investors shows that nearly half of millennials would prefer to invest in crypto assets if a recession occurs while people from Gen Z and Gen X would invest in property or commodities.
Since 2009, with the creation of Bitcoin, the cryptocurrency market has begun to expand and become more and more accepted by different niches in the society. Several big companies, even small ones, have started to accept Bitcoin and other cryptocurrencies as a payment method. Wikipedia accepts donations in Bitcoin, Microsoft allows the use of Bitcoin to top up the Microsoft account. Amazon accepts Bitcoin indirectly, using the Purse.io and the list goes on and will continue to grow.
Experts argue that when important institutions and industries in sectors such as retail, finance and business will accept payment in cryptocurrencies, when government entities will adopt and support this payment method, considering that technology and user experience is getting better day by day, it will be easier for the community to adopt cryptocurrencies.
If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.