RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, dropping 0.49 percent to $46,058.95 as of 8:00 a.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $3,493.62, up by 0.43 percent, according to data from Coindesk.
Crypto adoption hits a record in 2021
According to a new report from New York-based US cryptocurrency exchange Gemini, nearly half of all cryptocurrency owners in the US, Latin America and the Asia Pacific bought digital assets for the first time in 2021.
After conducting a survey of nearly 30,000 people across 20 countries between Nov. 2021 and Feb. 2022, the report found that 2021 was a record year for crypto, driven mainly by inflation in countries with devalued currencies.
The report further found that 79 percent of people who owned crypto last year bought them for their long-term investment potential.
In contrast, people living in countries that have experienced currency devaluation against the US dollar were more than five times as likely to plan to purchase crypto as a hedge against inflation.
Only 17 percent of Europeans surveyed reported they owned digital assets in 2021, and just 7 percent of those who do not own crypto said they intended to buy it in the future.
Whether the adoption momentum can continue this year remains to be seen.
Warning
Cryptocurrencies could soon emerge as the new frontline in criminal scams which authorities are trying to prevent, says Bank of England Gov. Andrew Bailey.
Bailey made these remarks while speaking at the “Stop Scams” conference in the UK on Monday.
According to Bailey, cryptocurrencies are not only innovating the financial sector but also creating an opportunity for financial criminals.
“What do people committing ransom attacks usually demand payment in? The answer is crypto,” said Bailey.
