Only 15.2 million people worldwide owned cryptocurrency in July 2017. Now, that number has jumped to 82 million crypto owners, according to Statista, and other estimates place it as high as 300 million. Despite the rapid growth, crypto holders remain a minority of the population. Only 20 percent of individuals report owning any crypto between June and December 2021, and 61 percent of that figure are millennials earning over $100,000 a year, according to Morning Consult.
There are many barriers to entry to the world of crypto ownership, including psychological factors in switching to new financial platforms, but one major drawback has been the lack of interoperability and liquidity in decentralized finance.
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Christos A. Makridis is an adjunct scholar at the Manhattan Institute. He is also a research professor at Arizona State University and the chief technology officer and head of research of Living Opera, an arts and education technology startup.
This piece originally appeared in Forbes.com