According to a report by Crypto.com, the number of cryptocurrency owners worldwide is expected to surpass 1 billion by the end of this year.

“Countries can no longer ignore the growing public push for cryptocurrencies. In many cases, a more friendly stance to the crypto industry is expected in the future,” the report states.

Crypto.com released the “Cryptocurrency Market Size” report, which provides an analysis of the global cryptocurrency adoption.

The report shows that the global crypto population will grow by 178% in 2021, from 106 million in January to 295 million in December. By the end of 2022, the number of crypto users is expected to exceed 1 billion.

The report explained that cryptocurrency adoption in the first half of 2021 was “remarkable,” adding that the main driver of growth was Bitcoin.

“We expect developed countries to have a clear legal and tax framework for crypto assets,” Crypto.com noted.

In the case of El Salvador, more countries facing high inflationary economies and currency devaluation may adopt cryptocurrencies as legal tender.

Last September, El Salvador made bitcoin legal tender alongside the US dollar. Since then, the country has purchased 1,801 bitcoins for its treasury. However, the International Monetary Fund (IMF) expressed concern and urged El Salvador to abandon Bitcoin as its national currency.

Financial giant Fidelity recently said it expects other sovereign nations to buy bitcoin this year “as a form of insurance.”

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