Crypto Usage Skyrockets, Report Shows

A new report from a venture capital firm, Andreessen Horowitz, reveals that crypto usage has hit an all-time high. Over 617 million people worldwide now own cryptocurrencies, and around 30 to 60 million are active users. September saw an impressive 220 million unique crypto addresses, a threefold increase from late 2023. This growth comes after a tough period known as the "crypto winter," triggered by the collapse of FTX and the fall of Bitcoin's value to $28,000. But Bitcoin has bounced back, now trading at $68,000, a 142% increase.

Stablecoins are a big reason behind this growth. These digital tokens keep their value steady by linking to traditional currencies like the U.S. dollar. They're used widely, from sending money overseas to online shopping and decentralized finance platforms. Stablecoins have become popular because they make crypto transactions cheaper. For example, sending USDC on Ethereum used to cost $12 but now costs around $1, and on Coinbase's network, it's even less. The report also found that AI is becoming popular among crypto users. About a third of crypto projects use AI, the highest among all technologies tracked. However, the report warns that AI might make the internet more centralized, with only big tech companies able to use advanced AI models. But crypto projects, which already deal with centralization issues, could use blockchain technology to balance this out.

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