A huge boom: cryptocurrency users rise to 580 million

The Crypto.com exchange estimates that the number of cryptocurrency users worldwide has reached 580 million.

A report by crypto.com, a crypto exchange that researches the crypto market size, shows that the global cryptocurrency user base grew by 34% in 2023, from 432 million to 580 million, despite prolonged bear market conditions in the industry.

This staggering growth suggests that cryptocurrencies and blockchain technology will continue to expand rapidly while macro-level economic challenges and wars plague the world.

The analysis points out that not even monetary tightening by Western central banks, conflicts in Europe and the Middle East, and the consequences of the epidemic have been able to stop the spread of cryptocurrencies.

What events have contributed to the boom?

The report highlights that the upgrade of Ethereum Shanghai contributed to the increase in activity on the network and the rise in the value of ETH. The emergence of NFTs on the Bitcoin blockchain has played a key role in the growing popularity of cryptocurrencies.

The expected news of Bitcoin ETF approvals in the US has also boosted the Bitcoin boom and the increase in wallet creation in 2023. Bitcoin adoption finally increased significantly in the fourth quarter of the year.

BTC adoption is on a strong growth trajectory

Crypto.com also uses data from 23 cryptocurrency exchanges to extract on-chain data. The report also notes that 40% of Bitcoin holders also own Ethereum, while 42% of cryptocurrency users have neither BTC nor ETH in their portfolio.

Not surprisingly, a previous Bitfinex report published on a similar topic in December 2023 predicts that the global cryptocurrency user base is expected to grow to around 950 million people by the end of 2024.

Cryptocurrency in Hungary

According to Economx, here is no debate in the EU, including Hungary, and the MiCA Directive clearly settles the issue. Last May, the Council of Europe adopted a regulatory framework on crypto-asset markets, which applies to crypto assets, their issuers, and service providers.

The good news for crypto buyers is that a reduced tax rate of 15% on income from crypto activities was introduced in Hungary in 2022, and this legislation has been welcomed, welcomed and welcomed by market participants.

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