Last week, Crypto.com published its “Crypto Market Sizing” study, which studied cryptocurrency usage all across the globe. According to the report, there may be more than 1 billion cryptocurrency owners worldwide by the end of 2022. In 2021, cryptocurrency owners grew by 178 percent, from 106 million to 295 million. The report also suggests that crypto adoption was exceptionally good in the first six months of 2021. Bitcoin served as the primary engine of growth.
Crypto.com anticipates developed countries to adopt clear legal and taxation structures for crypto assets in the upcoming time. According to it, Nations cannot afford to overlook the public’s rising interest in cryptocurrency.
In September 2021, El Salvador made bitcoin legal currency along with the US dollar. El Salvador has purchased 1,801 bitcoins since then. The International Monetary Fund advised El Salvador to abandon bitcoins as a national currency.
Following El Salvador’s lead, more countries with high inflation and declining currencies may accept cryptocurrencies as legal currency.
Despite the IMF’s stance on bitcoin, numerous people, like Salvadoran President Nayib Bukele, believe that more nations will make the cryptocurrency legal tender in 2022.