While there is still a lot of news and concerns regarding the downward spiraling of price and collapsing of crypto markets, have numbers have come out in media which signify the bear market has had no impact of the interest of people in crypto markets, in fact, the number has swelled.
300 % growth in Australians holding cryptocurrencies this year
Australian seem to get attracted to cryptocurrencies. A recent survey conducted by Finder-backed brokerage firm HiveEx of 2000 people showed that the number of Australian holding cryptocurrencies has gone up to 13.5 % in August, compared with just 5 percent when the same study was conducted in January, a rise of staggering 300%. And these numbers have come at a time when market cap of bitcoin has eroded drastically signifying that people’s interest has a very low correlation with prices.
According to the HiveEx study, 50 percent of those who held crypto did so as an investment, 34 percent blamed FOMO and 26 percent said they were using it to save for retirement. More than a third said they were planning to pay their tax bill with crypto.
While 80 percent of respondents said they would use cryptocurrency regularly for day-to-day purchases if it was as easy to use as Australian dollars, the study found many were still wary.
Of those who don’t own any digital currencies, 65 percent said it was because they didn’t understand or it was too difficult to use. More than one in five said they thought it was a scam. The same number said it was a bubble.
Last month, Finder co-founder Fred Schebesta revealed his plan to create the “first crypto bank of Australia”. Mr. Schebesta said the interest now was actually “so much higher” than during bitcoin’s manic rise in 2017.
“Just because the price of bitcoin has gone down and people feel angry, that doesn’t reduce the interest,” he said. “The interest has boomed.”
Coinbase doubles staff count to 500
On the other side of the globe, Coinbase has released another critical number that shows crypto businesses are growing. The employee strength of Coinbase which was 250 6 months back, has doubled in 6 months’ time.
As per a report from Business Insider, which has become quite the controversial crypto news source over the past week, in February, representatives from Coinbase revealed that it was likely to double its staff count from 250 to 500 by the time January 2019 rolls around. And just a few months after divulging this information, it seems that the San Francisco-based crypto startup has already achieved its goal, with a firm spokesperson noting that Coinbase has already hit and surpassed that growth target.
Business Insider went on to note that the firm, founded in 2012, has been making a multitude of moves to make an impact on Wall Street, hiring individuals from the New York Stock Exchange, Credit Suisse, and Apex.
This hiring is a reason that Coinbase has expanded into multiple crypto-based business lines and is also considering a bitcoin ETF. Its offerings include Asset Management, Consumer, Commerce, Custody, Earn.com, Paradex, Prime, Pro and Wallet.
In other news, it was also noted that interest in crypto is rising as customer base of firms like Square, Robinhood, eToro, and Revolut has also been seen on the rise because of cryptos.
Increasing interest of people is definitely a good sign for cryptocurrencies and one can feel that this interest is something that can drive the crypto markets and businesses back to their pinnacle.
Does rising interest of people in crypto also signify that cryptos can replace Fiats or is it just a fad? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.