Welcome to this week’s edition of This Week in Crypto, where we bring you the latest and most fascinating developments in the cryptocurrency world. This week, we’re excited to discuss a new report that uncovers a surge in global cryptocurrency users, now totaling 580 million in 2023. Additionally, we turn our focus to the financial markets with nine spot Bitcoin ETFs, which collectively amassed an astounding 100,000 BTC within a mere week of their inception. On a more playful note, we also examine Dogecoin’s innovative leap, as it recently achieved a unique feat by successfully running the classic game ‘Doom’ on its blockchain. Join us as we delve into these significant events, shedding light on their implications in the dynamic and ever-changing landscape of cryptocurrency.
Global Cryptocurrency Users Soared to 580 Million in 2023, According to Report
A recent report from Crypto.com highlights a significant surge in estimated global cryptocurrency usage. By the end of 2023, the number of cryptocurrency users worldwide reached an impressive 580 million, marking a 34% increase from the previous year.
The report, which utilized a unique methodology combining on-chain data and various parameters, provides detailed insights into the distribution of this growth. Notably, Ether and Bitcoin ownership saw considerable increases, with Ether users rising from 89 million to 124 million, and Bitcoin users expanding from 222 million to 296 million. This growth was influenced by key developments such as Ethereum’s Shanghai upgrade and the introduction of nonfungible token (NFT) functionalities to the Bitcoin blockchain through BRC-20 tokens and Bitcoin Ordinals.
According to the report, the anticipation of Bitcoin ETFs in the United States and the broadening of Bitcoin’s functionality with NFTs have significantly fueled the demand for Bitcoin. These factors, combined with the overall growth in users, may indicate that an increasing number of people are interested in integrating cryptocurrency into their daily lives in multiple forms.
Bitcoin ETFs Acquire More Than 100,000 Bitcoin in One Week
Nine newly launched spot Bitcoin Exchange-Traded Funds (ETFs) acquired a staggering 102,613 BTC in just a week. These funds, including prominent names like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, collectively amassed Bitcoin worth approximately over $4 billion as of the current valuation.
The volume of Bitcoin purchased by these ETFs in just seven days represents more than half of what MicroStrategy, a major institutional Bitcoin investor, has collected over three years. As of December 26, 2023, MicroStrategy’s Bitcoin holdings totaled 189,150 BTC, a milestone reached after starting its Bitcoin investment journey in August 2020. Comparatively, it took MicroStrategy around 300 days to gather over 100,000 BTC, a benchmark they reported in June 2021.
BlackRock and Fidelity’s ETFs emerged as the frontrunners among these ETFs, securing 37,304 BTC and 29,232 BTC, respectively. Following were the Bitwise and ARK 21Shares Bitcoin ETFs, with holdings of 16,451 BTC and 10,630 BTC. This significant influx of institutional investment into Bitcoin via ETFs within such a short span highlights the growing interest in cryptocurrencies among traditional financial institutions.
Dogecoin Levels Up: Classic Game ‘Doom’ Now Playable on the Blockchain
In a fusion of classic gaming and modern blockchain technology, Dogecoin, the meme-inspired cryptocurrency, has successfully hosted a playable version of the iconic 1993 video game ‘Doom’. This feat utilizes Dogecoin’s NFT-like protocol, “Doginals”. Similar to Bitcoin Ordinals, Doginals allow for the inscription of various media onto the smallest units of the currency, termed “Shibes” in the Dogecoin ecosystem, turning them into immutable blockchain artifacts.
The implementation of ‘Doom’ on Dogecoin showcases a significant technical achievement, particularly in terms of data capacity. While Bitcoin has a maximum size limit of 400KB for an Ordinal without a miner, the Dogecoin version of ‘Doom’ is a substantial 4.2 MB. This was not previously feasible on Bitcoin due to size constraints and higher network fees. Dogecoin’s ability to inscribe larger data at lower costs compared to Bitcoin’s network could potentially open the doors to a diverse array of interactive applications and content on its blockchain.
