In a sign of the rising cryptocurrencies conventional acceptance, cryptocurrencies exchange firm, Coinbase exchange, now boasts of more accounts than brokerage firm Charles Schwab. According to its website, Coinbase exchange claims to have 13 million users while the number of Schwab brokerage accounts stood at 10.6 million as of the end of 2016.
These numbers relate to the numbers of users alone and not investment holdings as the amount of assets being controlled by Charles Schwab for its users is still indeed greater than those of Coinbase users. However, the actual number of users only indicates a massive volume of adoption, as the public begins to dabble in cryptocurrencies. Coinbase user numbers have grown by 167% this year. Though if this trend persist, Coinbase exchange may eventually outshine Schwab in investment holdings.
Coinbase exchange openly publishes the number of active accounts on their site, and traders have been keeping a close eye on those numbers throughout the digital currency boom this year. Such large numbers of individuals creating accounts on cryptocurrency exchanges should put an end to the thought that Bitcoin is just a fringe economic event.
Regardless of bullish or bearish expectations, the reality is that Bitcoin is gaining more power amongst members of the general public. This is further demonstrated by the offering of futures by the Chicago Mercantile Exchange (CME), the proliferation of hedge funds and the embrace of Bitcoin in cash-strapped countries.
Read more about CMEs Bitcoin Futures
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