Ethereum co-founder Vitalik Buterin recently tweeted[1] that cryptocurrency payments are superior because of censorship resistance and convenience. This change has given a significant boost to international businesses, charities, and payments within countries, he added.
Rising crypto-adoption
A January 2022 report[2] by Crypto.com revealed a picture of the financial world, one where cryptocurrencies are being increasingly adopted. In 2021 alone, the global crypto-population increased by 178%, rising from 106 million in January to 295 million in December.
As we can see, the monthly growth of crypto-users closely corresponds to Bitcoin’s price.
Crypto-adoption rate was high back in July-August 2021, but it dropped significantly in September with restrictions in many countries such as China[3].
We can also see that Bitcoin and Ethereum remain the most popular cryptocurrencies among users, with the former’s share remaining nearly 60%.
BrandEssence Market Research published a study[4] in June 2022, predicting that the global crypto-payment gateway market is expected to grow with a CAGR of 22.8% between 2022 and 2028.
While North America is expected to capture the largest share in the global crypto-payment gateway market, Asia Pacific is expected to witness the fastest growth in the market.
“Increasing adoption of cryptocurrencies broadly is one of the major factors driving the growth of the global crypto payment gateway market… However, lack of awareness (emphasis mine) in the developing and underdeveloped economies may hamper the market growth. In spite of that, increasing advancements in this field may create more opportunities for the further growth of the market.”
The Seychelles-based cryptocurrency exchange Huobi published[5] the Crypto Perception Report 2022 in January. According to this study, only 28% of respondents said that they own cryptocurrency. 47% of respondents said that they don’t own crypto
