Cryptocurrency Wallet Adoption Has Tripled in Three Years Crypto wallet iphone

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Published Feb 26, 2020

Reported today on Being Crypto

For the full article visit: https://beincrypto.com/cryptocurrency-wallet-adoption-has-tripled-in-three-years/

In general, the adoption of Bitcoin and other cryptocurrencies has been in an upward trend, one that has been far from uniform. Interest has spiked alongside price in what is known as a Satoshi cycle, while institutional interest in blockchain has also only recently taken off, especially during the 2018 bear market when the price of Bitcoin was down. However, cryptocurrency walletThere are many different types of cryptocurrency wallets. Still, unlike the physical wallet in your back pocket, a cryptocurrency wallet... More adoption has been steadily on the rise.

Since Q3 of 2016, just before Bitcoin started its rally which eventually carried it to nearly $20,000, the adoption of cryptocurrency wallets has been on a steady climb. However, the growth, quarter over quarter, has been seemingly unaffected by other factors. The notable exception would be from Q1 to Q2 of 2019 when the long bear market looked to be coming to an end.

Statista reports a steadily increasing number of crypto wallets globally from 2016 to 2019. @StatistaCharts pic.twitter.com/yIob1ykiXX

- Sygnum Bank (@sygnumofficial) February 20, 2020

In Q3 of 2016, there were less than 10 million registered cryptocurrency wallets. However, as of Q3 of 2019, that figure had exploded to over 40 million, representing a 300 percent increase in three years. In comparison to other metrics, especially in price, this figure may seem low but has been steady and consistent.

Cryptocurrency Wallet Adoption Explosion

While this data about cryptocurrency wallets paints a picture of steady growth and an ever-increasing number of individuals entering the space, it is important to break down the data further and look at the real picture.

While there are over 42 million cryptocurrency wallets that have been opened, it is presum