A crypto.com report expects the number of worldwide crypto owners to cross 1 billion at the year-end. The increasing popularity of crypto among the public will make it impossible for countries to ignore it. Crypto investors are going to demand friendlier rules and regulations for crypto ownership.
Global Cryptocurrency Adoption Analysis
The report titled Crypto Market Sizing was released by crypto.com last week. It analyzes the worldwide adoption of cryptocurrencies. The year 2021 saw a 178% increase in the number of people dealing with crypto assets. Their number in January was 106 million and in December it rose to 295 million. The analysis expects the number of people using crypto to cross the 1 billion mark by 2022 year-end. The report said that in the first six months of 2021, the adoption of crypto has been remarkable. Bitcoin has been the main cause of this growth.
Nations Cannot Ignore Push for Crypto
The report added countries cannot ignore the demand for crypto from the public. It means the crypto industry can expect to see friendlier policies from many governments. Clear tax and legal crypto frameworks can be expected from developed countries. In fact, cryptocurrency may be adopted as a legal tender by countries facing depreciating currency and an inflationary economy. El Salvador has shown the example, and many other countries are expected to follow suit.
Since the time El Salvador made bitcoin a legal tender, its treasury has purchased 1801 BTC. However, IMF has made its concern public and asked El Salvador to discontinue the use of BTC as a national currency. Even after this advice of IMF regarding bitcoin, many analysts have been predicting that more nations will now allow cryptocurrency as legal tender in 2022. Bitcoin may be obtained as an insurance cover by several sovereign nations.