Key Points
- Global cryptocurrency users surpassed 500 million in 2023, with predictions of reaching 1 billion by 2025.
- Bitcoin and Ethereum saw significant user growth in 2023, largely driven by factors like spot BTC ETFs and liquid staking.
The number of global cryptocurrency users exceeded 500 million by the end of 2023.
Bitcoin maximalist, Raulo Pal, is of the opinion that this figure could potentially double to reach 1 billion by 2025.
Bitcoin and Ethereum’s Growth
Despite a minor setback at the start of Q2 2024, Bitcoin (BTC) continues to hold strong. It dropped slightly from $71K to $64.5K before making moves to reclaim the $66K mark.
Pal, amidst this downturn, reminded his followers on X (formerly Twitter) of the rapid adoption rate of cryptocurrency. He suggested that at its current rate, cryptocurrency adoption could reach 1 billion users by 2025.
A report by the Crypto.com exchange in 2023 revealed that the number of global cryptocurrency users had exceeded the 500 million mark, reaching 580 million by December 2023.
Asia Leading in Crypto Adoption
In 2023, the number of Ethereum (ETH) owners increased from 89 million to 124 million. This growth was attributed to liquid staking. Globally, ETH owners made up 21% of users.
On the other hand, BTC owners increased from 222M to 296M, accounting for 51% of global users. This growth was attributed to spot BTC ETFs and Bitcoin Ordinals.
Triple-A, a digital currency payment platform, reported approximately 420 million crypto users in 2023. Over half of these users (268M) were from Asia.
The Chainalysis Global Crypto Adoption Index report highlighted that most crypto adoption in 2023 took place in low and middle-income (LMI) countries in Asia and Africa. LMI countries account for about 40% of the world’s population.
The report concluded that if LMI countries are the future, then cryptocurrency will likely play a significant role in that future.
The potential surge to 1 billion crypto users by 2025 could signify a major milestone for digital assets.
