This trend suggests that while Bitcoin is becoming more popular as an investment and speculative asset, its adoption as a medium of exchange remains relatively limited.
The 2023 Global Crypto Adoption Index by Chainalysis provides a clear visual representation of the decline in worldwide grassroots crypto adoption. The chart shows the adoption growth over time across 154 countries, indicating a downward trend.
Sources:
www.chainalysis.com/blog/2023-global-crypto-adoption-index/
decrypt.co/48161/why-is-bitcoin-price-rising-here-are-5-key-reasons
www.forbes.com/advisor/investing/cryptocurrency/why-is-bitcoin-going-up/
As we can see, despite record adoption and user numbers, the number of Bitcoin transactions which measures on-chain activity has also not been growing for the past 5 years. t.co/z5Eo7NQQa0 /5 pic.twitter.com/ia8kmWLH5r
— Reuben Yap (@reubenyap) May 15, 2022