As you can imagine, consumer mentions of investing through Coinbase have skyrocketed over the last few months:
One thing you’ll note on this chart is that unlike every other crypto chart in this article, Coinbase has actually failed to surpass the 2017 bubble highs in terms of consumer enthusiasm.
So where is all this crypto-mania coming from?
Big, big players. Specifically, PayPal and Square’s Cash App:
The success of these two entrants alone has been a huge boon for the cryptocurrency market over the past six months.
Because now, instead of having to take your money to the cryptocurrency platform, the cryptocurrency investing platform came to your money. Instantly, consumers could turn their existing Cash App and PayPal balances into Bitcoin investments.
This, along with the rising price of the coins, has created a feedback loop that makes consumers more likely to participate in, and benefit from, the rise of crypto adoption.
What's next for Bitcoin?
At LikeFolio, we follow the consumer data on everything we do.
Right now, it’s all systems go for cryptocurrencies, and with no technical ceiling to stop it.
Volatility is likely to remain extremely high, so we’ll continue to watch our powerful consumer insights data for key developments in crypto adoption and enthusiasm levels.