Bitcoin is the world’s leading cryptocurrency, with millions of users and holders across the globe. But how many people actually own or use bitcoin? That’s what we are diving into in this guide. Read on to learn more about the latest bitcoin usage statistics.
Bitcoin Adoption Has Been Growing Exponentially Since its Launch
Bitcoin was created as a digital peer-to-peer payment network, creating a cheaper and faster way for people to make cross-border payments. Additionally, due to bitcoin’s unique features, including a limited supply and a disinflationary monetary policy, it also established itself as a store of value, an inflation hedge, and a popular investment asset.
In a little over a decade, Bitcoin’s market capitalization temporarily touched $1 trillion dollars, representing close to 1% of the total market capitalization of all publicly traded companies. It’s no wonder that publicly traded companies, and financial institutions have started adding bitcoin to their balance sheets.
Bitcoin mainly came to be appreciated as an investment opportunity that could help diversify an investment portfolio as it has traditionally had limited correlation with assets like stocks and bonds. It also appealed as a great hedge against central bank monetary policies and global economic uncertainty.
On the back of this, Bitcoin has experienced massive growth since its inception, retaining its dominance as the most traded cryptocurrency in the world since day one.
How Many People Own Bitcoin in the United States?
There is no definitive way to determine how many bitcoin users there are due to the pseudonymous nature of the Bitcoin network.
As a result, we can only estimate how many holders and users there are based on several data points, including the number of wallets created, the number of active wallets, user numbers at leading Bitcoin companies, and third-party research that has used similar methodologies to arrive at an estimate.
So, let’s take a look at what the numbers say about bitcoin users in the US.
Business Insider Intelligence, a research firm, estimates that there will be more than 25 million bitcoin owners by the end of 2022, a 16.7% growth over last year.
Conversely, a survey conducted in 2021 by the New York Digital Investment Group found that roughly 22% of the US adult population, 46 million Americans, own bitcoin. Responses were received from 1,050 participants with incomes above $50,000 and a margin error of 3.1%, which is regarded as statistically significant.
Though another report from the US-based cryptocurrency exchange Gemini in 2021 had a larger sample of 3,000 people but estimated only 21.2 million people own cryptocurrencies. In the same report released in 2022, it says one in five people in the US own cryptocurrencies, which implies 20% of the current US population of 332, 403,650. That is 66,480,730 people owning cryptocurrencies.
The report didn’t specify the cryptocurrencies, but we can reasonably expect that at least 50% hold bitcoin, which is more than 33 million bitcoin owners. The research sample size for the Gemini Crypto 2022 report is 2,300 adults.
Judging by the data points we have collated, we can say that there are probably between
How Many People in the World Use Bitcoin?
Bitcoin on-chain data shows there are now more than one billion wallet addresses. But people can have more than one wallet address or keep their bitcoin on centralized custodial exchanges, making it tough to estimate the actual number of people that use bitcoin in the world.
Interestingly, the global crypto exchange Coinbase has over 100 million verified users globally, many of which hold bitcoin.
Crypto analytics company, Intotheblock, reported in May 2022 that the number of addresses holding bitcoin surpassed 40 million.
How Many People Use Bitcoin Every Day?
The Bitcoin network currently processes around 250,000 transactions per day and has around 1,000,000 daily active addresses.
Bitcoin reached over 330,000 daily transactions in December 2020, and 400,000 in early January 2021.
How Many People Will Use Bitcoin in the Future?
Crypto.com’s market size report says the number of cryptocurrency owners globally will reach one billion by the end of 2022, with bitcoin likely as the leader of the pack.
Though this forecast was made during a bullish sentiment in the market, and might not happen in 2022, it’s expected that the crypto market will continue to grow in the future.
It’s tough to envision a future with bitcoin. While the digital currency has already successfully established itself as an investment asset for all types of investors, the growing application of bitcoin as a payment layer (primarily powered by the Lightning Network) could help the digital currency to become a globally used and accepted currency, which could see the number of bitcoin holders and users exceed one billion in the coming decade.