Cryptocurrency Adoption Growing Rapidly
How many people are actually involved in cryptocurrency?
This is a difficult question to answer. Reports at the start of the year pegged the number on a global basis are around 100 million people. On a planet with more than 7.5 billion, this is an insignificant amount.
It is presumed that number has grown somewhat over the past 4 months. What is the rate of growth? That is anyone's guess. We do know, however, that things are expanding greatly.
The interest in cryptocurrency in the United States is starting to reach a significant portion of the country. Those involved in cryptocurrency is at an all time high.
A survey was done by the Winklevoss Twins Gemini group. This was conducted to try and get a handle on what is taking place.
The results found that roughly 14% of the people owned cryptocurrency. With an estimated adult population of around 260 million, this is more than 36 million individuals owning cryptocurrency.
This would lead us to believe that the number of crypto users is far higher than the 100 million estimated at the beginning of the year.
Another point that the survey makes is how we are seeing men outpacing women in% this. The breakdown is 74% to 26%. We also see this is an area where there is a lot of interest.
63% of the respondents classified themselves as “crypto curious,” while 23 went into the “disinterested” graph. Interestingly, more than half of the so-called curious were actually women.
“While just 26% of current crypto holders are women, we see the potential for this to change significantly. Women account for more than half (53%) of those interested in getting into crypto soon, representing a major potential shift.”
These numbers are far from mass adoption. They show how there is a great deal of upside. However, the interest evidently is there which bodes well for future projects.
It is possible that number grows to near 20% by the end of the year, putting the total at 50 million people.
Bitcoin Wallets
Many feel the best way to look at the adoption rate of crypto is to focus upon the wallets. Fortunately, we can uncover what the two major currencies look like along with a growth area.
According to Statista, the number of Bitcoin wallets has risen significantly. This is not a great surprise considering all the attention that the leading cryptocurrency got from institutions. This also likely brought in a number of wealthy individuals also.
The chart is a little misleading since the timeline of the last 3 iterations is much shorter than before. It went from every quarter to 4 days.
Nevertheless, it say that in January there were 66 million Bitcoin wallets and now there are over 71 million.
Ethereum Wallets
The second leading cryptocurrency always got a lot of attention for its number of wallets. This was long considered a barometer of what was taking place since the applications on Ethereum outnumber those elsewhere in the industry.
Recent increases in the cost of transactions might be changing that view. However, this is still a crucial chain to the ongoing expansion of the industry. More on this in the next section.
While the growth in Bitcoin wallets is impressive, Ethereum's growth is even greater. The network is adding more wallets at a faster pace. There are also double the number of wallets as compared to Bitcoin.
Using the numbers from Etherscan, we see that the Ethereum wallets are approaching 150 million. This is up from the 130 million to start the year. In the near 4 months, there were almost 18 million wallets added.
Binance Smart Chain Wallets
Due to the cost of transactions on Ethereum, a newcomer is gaining a lot of momentum.
BSC really started to get attention in February for its DeFi applications. The yield farming craze was brought to this chain which absolutely exploded. This caused a major influx of money to the chain, putting the TVL at over $30 billion.
This is seen being spread out over an incredible number of wallets. In a short period of time, we see that is starting to near Bitcoin with this metric.
BSCSCAN is putting this total near 67 million.
NFT Market Exploding
Over the course of the first part of the year, the NFT market has exploded. This is also not a surprise to those in the cryptocurrency industry. It is the rage right now and the statistics are backing it up.
We see the value of the NFT market absolute skyrocketing. This is a move that is starting to bring in celebrities as well as long time crypto billionaires such as Mark Cuban.
According to Bitdealer, the market cap for NFT projects went up 1,785%. It is likely that is just kept heading higher throughout the month of April.
Getting a handle on the exact number of users is difficult. Since things are spread over a number of chains and there is a degree of anonymity to all this, we are unsure how many people these wallets translate into. We know people own multiple wallets, across many chains. So anything that is concluded is truly guesswork.
Nevertheless, the trend is clear. While we cannot get exact numbers, it is fairly obvious there are more people involved in cryptocurrency and digital assets than there were at the beginning of the year.
Is this a result of the bull market? Perhaps. Skyrocketing prices tend to attract a lot of newer people.
However, it is important to note there are lasting changes taking place. DeFi, as an example, is starting to offer some legitimate financial services. This is only going to expand as more development and innovation takes place.
At the same time, the world of NFTs is just beginning to open up. This is going to lead to a great deal of experimentation, some of which will have an ongoing impact.
The bottom like of all this is that cryptocurrency adoption is growing at a rapid pace. Over the next couple years, the numbers will likely be a much larger. It will not be surprising if we see the total number of wallets for these three chains alone pushing the 1 billion mark.
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While the numbers look encouraging I wonder how sustainable the situation will be during the bear market. Overall I have no doubt that the space is expanding and that mass adoption is imminent.
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I think at some point people are in it for more than just the bull market.
If people are involved in gaming, DeFi, and other assorted means, then the token pricing is going to be less important. For example, if someone is taking out a loan for a needed purchase, the pricing of Bitcoin really isnt a great concern, unless that is the collateral of course.
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True.
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Well I believe another reason for the increase in these wallets is that people are slowly adopting Crypto. In Nigeria alone, the crypto ban rather increase the number of Crypto owners rather than decrease it. So every single day adoption happens apart from either the moon or defi or so many other reasons for these increase in wallets.
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I think these numbers spell out what you are alluding to. More people are becoming involved. I am glad to read that Nigerians are embracing it too. I know they come at it from a different perspective than the US but it is all adding to the total.
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It's definitely adding to the total, i mean. This year has been massive for Crypto and Eth has shown a massive use case for it with the diverse dapps and projects, almost everyone I know are involved with BSC
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BSC is one that really didnt do much until this year. And then it exploded.
Lets hope we can see that trend continue.
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a lot of people are involved and asking about the cripto world, a little of my friend asking me hey how i invest and when i say hey man will it for free only written they say, well i do not have time.
guau the 5 millions of cripto wallet that are grow, it is a lot in 4 monts is a great number
the wallet in bsc are the most grown in the industries come for the defi grown ecosist, we hope continuing with a lot of people interesting in enter to this world, it will give us a great exposure that we need to been in the financial freedom.
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There's more options than ever to get into the space. The more apps and main stream companies that start accepting it as payments will be what drives the next big adoption push. I want to see Amazon start taking it.
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That is going to be a major changer for all involved. When people can start to buy goods and services with crypto, then we are in an entirely different ecosystem.
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Not only are there more options, many mirror BTC growth to some degree so there's a lot of interest in speculating which Will moon next.
I still think there's a very diverse demo in this space but I totally agree many of us aren't looking at the $$ anymore so much as what's growing, how fast, and why.
It is true the numbers are increasing and that is good for the space.
The recent increase in prices might have caused the big surge in users and also the much shilling on Twitter with the likes of Elon Musk!!
The numbers will decrease slightly in the bear market as those not involved in defi, NFTs or blockchain gaming will see no use to still be involved in crypto in the bear run.
Another reason I think the users increased is because of the Streisand effect, an example is Nigeria where crypto was kinda banned by the central bank.
The ban by the banks made more people start researching about crypto and hence increasing adoption there!
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The bans might be helping to fuel things. That is true.
We are still so many that I think by the time the next bear arrives, we will have more involved in NFTs, DeFi, and gaming.
The percentage who are just speculating will diminish as compared to the whole.
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I would like to see the hive ecosystem get a bigger share of the pie especially with all this growth. I was expecting to see more new people here in the bull market
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I agree with you.
It is sad we havent seen the growth but that is because we still lack that app that will appeal to a lot of people.
Fortunately, that will not be dependent upon bull or bear when we get it.
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I believe we are still in the starting stages of this boom. As more and more systems start coming out, we should start to see more different wallets being created. I see more development on the side of applications too so we can attract more users with different interests.
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Interesting read, thanks.
From my point of view the BTC bull market is a great motivator to start the way in the world of cryptocurrencies, however I believe that people who do not know this form of digital money should be educated before being convinced. I am particularly struck by a statistic that shows that 60% of the inhabitants of this planet are not included in the banking system, therefore attracting these people to adopt the cryptocurrency model is vital for the adoption of this economic alternative.
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It is inevitable. I'm certain that, once dust is settled after the next bear market, even in worst case (7000 US$ for Bitcoin) scenario, number of people involved in crypto is going to be significantly larger than during the worst days of the previous bear market.
Just as number of television set owner in the world in late 1940s was larger than in late 1930s despite television being off air during World War II.
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While having a conversation with my friends, I mentioned about cryptocurrencies but they have no idea what is it all about. So I explained a bit to them. Hoping they'll join crypto world soon.
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14% adoption so far? That means a Bitcoin price of 400,000+ is actually quite feasible if we reach 60% adoption or more. The future is looking great for HIVE and all crypto currencies.