In a sign of growing mainstream acceptance, digital currency exchange Coinbase now boasts more accounts than brokerage firm Charles Schwab. According to its website, Coinbase has 13 mln users while the number of Schwab brokerage accounts stood at 10.6 mln as of the end of 2016.
These numbers don’t paint a complete picture, since the amount of assets controlled by Schwab certainly vastly exceeds those of Coinbase users. Nevertheless, the actual number of users indicates a massive volume of adoption, as the public begins to dabble in cryptocurrencies. Coinbase user numbers have grown by 167% this year.
Coinbase 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 traction 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.