In January 2021, Coinbase reached its highest ever number of daily active users (DAU) in the United States as the use of cryptocurrency apps grew. Now reaching over 600,000 DAUs, Coinbase had roughly 10 times more users than Blockchain Wallet. Noticeable, however, is the large increase in users among several applications that allow for either buying or storing Bitcoin: The app of Crypto.com saw its DAU double between December 2020 and January 2021, whereas Voyager's tripled within three months. Cryptocurrency interest grew during this same as the Bitcoin price surged to new heights in late 2020 and early 2021.
Cryptocurrency and the U.S.: the future or a hoax?
Bitcoin trading volume against 44 domestic currencies used for the transaction of the digital coin was the highest in the United States in 2020, potentially indicating the Bitcoin market in the country could be the largest worldwide. U.S. consumers, however, seem to have mixed feelings towards digital coins. In two surveys in 2021 and 2019 the number of respondents who said that they had not invested in digital currencies like Bitcoin or Ethereum, and were not going to, remained the same. Indeed, the United States ranked 42nd in a ranking of cryptocurrency ownership across 55 countries worldwide in 2020.
Is PayPal changing this situation?
A noticeable app not included in this overview is PayPal: The U.S. version of the mobile payments app offers the option for purchasing and storing various virtual currencies since October 2020. The DAU metric, however, does not allow for showing what potential impact this new feature had on the use of the PayPal app. The app already ranked as the most popular U.S. mobile payment app based on user experience in 2021. However, a successful application of crypto features in an app like this could make it easier for consumers in the United States to buy a cryptocurrency, potentially influencing the country's attitude towards cryptocurrencies.
