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Coinbase Added 8 Million New Users In The Past Year (#GotBitcoin)

America’s biggest cryptocurrency exchange and wallet service Coinbase has signed up 30 million users since launching in 2012. Coinbase Added 8 Million New Users In The Past Year (#GotBitcoin)

New User Signups Slowed After Bitcoin Price Peak

Over the past 12 months, Coinbase has registered eight million new users, according to data revealed by Bitcoin (BTC) investor and entrepreneur Alistair Milne in a tweet on July 22.

 

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Based on the chart above, the rate of new users sign ups has slowed compared to the second half of 2017, in particular, right before Bitcoin price hit its all-time high of $20,000. Nevertheless, Coinbase added about 8 million new users in the past year despite the bear market.

According to the Coinbase website, the number of users on the crypto exchange is now over 30 million to date with over $150 billion traded in cryptocurrency.

Coinbase stopped disclosing public user stats in November 2017

Coinbase stopped disclosing precise details on the number of users on their website at the end of November 2017.

Founded in June 2012, Coinbase is one of the most popular crypto exchanges globally, with adjusted trading volume of around $350 million as of press time. In August 2018, Coinbase CEO Brian Armstrong revealed that the platform was signing up 50,000 users per day back in 2017.

Earlier this year, software firm DataLight reported that the United States was the most active crypto trading country with over 22 million monthly visits of crypto exchanges.

Recently, Coinbase CEO presented his vision of the company in five years, claiming that he sees Coinbase as not just a crypto trading service provider but a more universal entity contributing to global adoption of crypto. Coinbase Added 8 Million,Coinbase Added 8 Million

 

Updated: 4-29-2024

Bitcoin Industry On Track To Hit 1B Users By End Of 2025 — Analyst

 

Coinbase Added 8 Million New Users In The Past Year (#GotBitcoin)

Source: Boston Consulting Group, Bitget and Foresight Ventures

 

 

More conservative estimates from the likes of the Boston Consulting Group predict that the crypto industry will reach its first billion users by 2030.

The cryptocurrency industry could reach its first billion users by the end of 2025, according to Bitcoin analyst Willy Woo.


 

 

Woo Wrote In An April 29 X Post:

“On track for 1 BILLION crypto users by the end of 2025. An extrapolation of many independent prior studies in this chart. Binance estimates that 65% of crypto users hold Bitcoin.”

Woo’s chart is the first comprehensive model aiming to map out all existing crypto asset users and to predict the first billion adopters, according to Daniel Batten, investor and author of the Bitcoin ESG Forecast. Batten wrote in an X reply to Woo:

“Incredible chart. The first view we’ve had of when we’ll cross the 1B threshold, with a full backtrace.”

The chart defines crypto users as unique entities that completed Know Your Customer (KYC) verification and have previously transacted on the blockchain.

Reaching the first billion crypto users has long been touted as an important milestone for mainstream crypto adoption.

Mainstream adopters can bring a new influx of capital, which is important for the price appreciation of digital assets.

Can The Industry Reach 1 Billion Crypto Users By 2025?

The number of cryptocurrency owners increased by 34% to 580 million in 2023, according to a January 2024 report by Crypto.com.

Bitcoin holders grew by 33%, from 222 million in January to 296 million in December 2023, accounting for 51% of global crypto holders.

The report notes that the developments around the Bitcoin exchange-traded funds (ETFs) were the main catalyst behind the user growth.

However, the current 580 million users would need a 72% increase to reach the first billion, which seems unlikely based on 2023’s growth.

In a 2022 joint report, the world’s largest management consulting firm, Boston Consulting Group, along with Bitget and Foresight Ventures, estimates reaching the first billion crypto users by 2030.

The report compares the internet’s adoption curve to reach one billion users with current cryptocurrency holders and Ethereum addresses with non-zero balances, provided that the current crypto adoption rate continues.

According to BCG, crypto adoption is still low, with “plenty of room to grow.” The consulting giant estimates that only 0.3% of individual wealth is invested in crypto, as opposed to the 25% invested in global equities.

 

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