Raynor de Best
Research expert covering finance, insurance & real-estate, internet & e-commerce
Get in touch with us nowPopularity is not easy to measure
One way to measure the popularity of Bitcoin is to look at trading volume compared to domestic currencies from different countries. There are two things to keep in mind: First, a Bitcoin transaction of Bitcoin is not supposed to be retraced to its original starting point – as this is part of the coin's design. Second, Bitcoin to USD or GBP trading only takes up a portion of all Bitcoin trading. Consequently, figures for Bitcoin are often based on domestic surveys, asking domestic consumers whether they held the crypto as an investment tool or used the currency. People outside of the U.S. and Europe are more likely to own cryptocurrency in 2022, according to Statista's Global Consumer Survey. Google searches for the term "Bitcoin" by country back this up, with searches occurring the most from Africa and Latin America.Bitcoin's future past FTX
While the FTX bankruptcy did impact Bitcoin, the effects on other coins were considerably more noticeable. Ethereum, for instance, saw a spike in trade volume after a hacker started dumping ETH stolen from FTX. Some analysts, therefore, hoped the debacles reinforced the need for crypto regulation, possibly strengthening the crypto market after implementation. Other analysts are critical of this idea, stating that not all investors pay much attention to whether the market is regulated. Binance, for example, is self-regulated and does not have to follow the rules of a traditional market regulator. Professional traders can therefore use algorithms and price predictions that are otherwise not allowed in regulated financial markets.
