Retail Investors Crypto Adoption Expands as BTC Hits $46,590
Despite multiple pressures, retail investors’ crypto adoption increases 900% in 2021, according to market data as Bitcoin trades at $46,590 on Thursday. The financial year 2021 has seen the crypto market go on a wild ride, according to analysts and retail investors are starting to really pay attention.
The last year has seen the crypto market hit some high highs and some low lows, living up to its volatile reputation, but that hasn’t stopped retail investors all over the world, hopping onto the bandwagon hoping to make the big bucks.
According to crypto-analysis firm Chainanalysis, global crypto adoption among retail investors has soared by 881%: led by India, Pakistan and Ukraine, where crypto has apparently been a lifeline to preserve savings amid a decline in real-world currency values.
In emerging markets, according to the report, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions, while adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.
As of Tuesday’s closing price, Bitcoin was up 288% on the year. Meanwhile, despite regulators’ very best efforts to reign in the burgeoning Bitcoin market, popular economist Mike McGlone sees the digital currency replacing gold.
Bitcoin has boomed in popularity and according to Mike McGlone of Bloomberg Intelligence, its growth is superior to that of gold and the currency could soon replace the yellow metal. It’s not a new call, but McGlone is the latest heavy hitter to throw his weight behind the prediction.
Despite regulators across the globe cracking down on the world of crypto, the market has seen huge growth this year and recently reclaimed its $2 trillion price tag, boosted by Bitcoin’s pop past $48k on Saturday.
McGlone credits the “digitization of money and finance” for the market boom: the same factors that influenced the U.S. dollar to gain dominance.
After hitting the $48,000 mark on Saturday, prices have gone back to their narrow $45-48k corridor – analysts think that if the coin can break past that $48k mark, then the next level could be as high at $56,000.
In July, Bitcoin sinks below $30,000 for the first time in months, dragging the rest of the large-cap cryptos with it and wiping nearly $100 billion off the crypto market in 24 hours.
The crypto crash extended its reign of terror, back with a vengeance in the latter week in July and taking out $98 billion of the cryptocurrency market. Bitcoin saw its lowest closing price since late January when it fell below $30,000 for the first time since June 22.
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Retail Investors Crypto Adoption Expands as BTC Hits $46,590
