Crypto is gaining ground. Fast.
It is now difficult to find a person who has never heard of Bitcoin. Even though cryptocurrencies are still largely misunderstood (mass media being the primary vehicle of misinformed FUD), every now and then a curious mind decides to learn about it and inevitably falls down the rabbit hole. Or a less curious one decides that an asset so ferociously slammed by the politicians should actually have some interest in it. Or a pragmatic investor decides to diversify their portfolio…
The reasons one buys crypto can differ, but all of them contribute to the global crypto adoption ???
? So exactly how many people own crypto now?
This is a difficult question, but Crypto.com tried to answer it by estimating the number of users of 24 major crypto exchanges. More precisely, they counted exchanges’ on-chain deposit addresses, divided by the internally sourced ratio of people who move their coins elsewhere, all while excluding overlapping users (the majority of people happen to not move their coins from the exchange, which means that counting only on-chain addresses would strongly underestimate the number of users).
The results of these calculations are impressive. The number of crypto users has grown almost x3 since last year, reaching 295 million ?
? Which coins are people holding?
The report estimates a total of 176M Bitcoin owners, 23M Ethereum owners (23% overlap rate between the two), the rest of users holding other crypto, notably BSC, Terra and Solana.
Over 60% of crypto users own Bitcoin, even if its dominance (% of total crypto market value) has fallen below 40%.
Even if crypto. com research has its limitations, it shows a noticeable trend… and if this trend continues, we can expect almost a billion crypto users in 2023. Exciting, isn’t it? ?