Blockchain.info Expands Bitcoin Services in 22 U.S. States Amid Market Volatility

New Opportunities for Bitcoin Traders

Blockchain.info, the UK-based digital wallet provider, has taken a bold step by launching the ability for users in 22 states to buy and sell Bitcoin. With plans to expand further into other cryptocurrencies like Ether and Bitcoin Cash, Blockchain.info is looking to bolster its presence in the rapidly evolving U.S. market.

Competing with Coinbase

This development is not just about providing more options; it’s also seen as a strategic move against Coinbase, which recently faced some backlash from users unhappy with its decision to prioritize Bitcoin Cash over Segregated Witness implementations. Blockchain.info’s CEO, Peter Smith, expressed strong sentiments regarding market priorities, suggesting a focus on user experience is critical right now:

“If we are prioritizing short-term gains, we would prioritize buy — that is what most people have done. But it’s really time to make sure we nail that experience.”

The User Base: Growing and Evolving

Currently, Blockchain.info boasts around 22 million users, with a significant percentage (30-40%) hailing from the U.S. This indicates a strong foundation for potential growth, showing that cryptocurrency adoption remains in its early stages. Digital asset expert Dr. James Andrew Butler from Sharpe Capital sees this surge in blockchain service providers as a clear sign that blockchain technology is here to stay:

“The emergence of an increasingly large number of Blockchain service providers… is an emphatic signal to the world of traditional banking and capital markets that Blockchain technology is not going anywhere.”

The Bigger Picture

The current cryptocurrency market, with a cap of less than $600 billion, is minuscule compared to global capital markets. As Butler articulated, we are witnessing the primitive signs of mainstream adoption, akin to the internet era of 1994.

Bitcoin’s Rollercoaster Ride

Just a day before Blockchain.info’s announcement, Bitcoin owners experienced a tense moment as prices fell below the $10,000 mark for the first time since November. It was a gut-wrenching plunge; however, in a rapid turnaround, the market regained composure. Within just 48 hours, Bitcoin was trading at $11,785, recovering 28% since its previous lows.

What’s Next?

The market dynamics present an unpredictable environment, yet Blockchain.info’s bold moves could mark the beginning of a new wave of user engagement in cryptocurrency. While the competition heats up, only time will tell how these developments play out for users and the broader market. Buckle up, cryptocurrency enthusiasts; it’s going to be an exciting ride!