A recently concluded Nobl Insurance study reveals that the crypto market grew by a spectacular 48 percent in the period 2018 – 2019. Moreover, the study forecast that the American cryptocurrency market will continue to expand in the next 12 months.
25 Million Americans Are Considering Buying Crypto in the Next 12 Months
Nobl Insurance LLC, based in New Hudson, Michigan, carried out the research in May 2019 in connection with its new insurance product, Nobl Crypto, which is designed to protect the crypto market.
Researchers noted that 6.72 million new crypto asset holders had joined the market by May 2019. And researchers concluded that the overall market grew by 48 percent last year.
Although optimism about the global economy is waning, there is optimism about the crypto industry. The study’s findings suggest that we are on the threshold of a tantalizing opportunity of “an accelerating crypto market.” In effect, according to the press release,
The research suggests that about 25 million Americans are considering buying crypto in the coming 12 months. 37% of cryptocurrency holders own over $5,000 USD of assets, and a further 8 percent hold over $50,000 USD in crypto.
Mainstream Adoption Will Not Happen Without Insurance
Despite numerous hacking attacks that have targeted the industry, investors still do not take appropriate precautions to protect their digital assets. According to the study, $1 billion worth of digital assets were lost in 2018 alone. However, researchers found that only 10 percent of holders keep their cryptocurrencies in offline cold storage.
— nobl (@NOBLinsure) August 16, 2019
Thus, one of the critical conclusions of the Nobl study is that the cryptocurrency market requires insurance to sustain its growth. CEO and co-founder of Nobl Insurance Brandon Brown remarked,
“The crypto market does not need a better gaming technology or a cool widget—it needs insurance!”
Indeed, many have already highlighted the need for digital asset insurance policies designed to protect against crypto asset losses, theft, and general cryptocurrency capital loss. For example, according to American Express,
Cryptocurrency investors are showing a strong demand for asset protection in the form of cryptocurrency insurance. But while some providers see the cryptocurrency insurance market as promising, many are wary of entering.
Thus, to protect crypto holders, Nobl Insurance is developing a new solution, nobl Crypto. This insurance promises to provide cryptocurrency investors up to USD 50,000 in coverage while trading on exchanges.
What do you think of nobl new insurance policy? Let us know in the comments below!
Images via Shutterstock, Twitter @NOBLinsure