Bitcoin
Number of People Owning Crypto Worldwide Exceeds 6.8% Ahead of Bitcoin Bull Run
A new cryptographic report has revealed that the number of people who own digital assets exceeded 6.8%. This increase in adoption comes earlier than highly anticipated crypto bull runwith many seeing cryptocurrencies as a valuable form of investment.
Crypto Adoption Rockets in 2024
On May 24, digital asset service provider Triple A released a report detailing global cryptocurrency adoption rates across the world, highlighting how much the industry has grown since 2023, and identifying countries that have the higher levels of crypto ownership.
According to Triple A, around 562 million people, equivalent to 6.8% of the global population, now own some type of digital asset in 2024. This massive increase indicates a 34% increase compared to 2023, which registered a total of 420 digital asset owners.
The report highlighted cryptocurrency ownership in different regions of the world, noting that countries like the United Arab Emirates (United Arab Emirates), SingaporeTürkiye and Argentina had a significant amount of cryptocurrency owners.
Particularly, Triple A disclosed that among the top 30 economies with the highest cryptocurrency ownership rate, the UAE tops the chart with ownership rates of 25.3% of the global rate of 6.8%, while Singapore comes in at second place with 24.4%. crypto ownership fee.
The report also emphasized that emerging markets like Turkey and Argentina, with their different economic positions, also have a significant percentage of crypto investors, compared to smaller economies like Slovenia and Luxembourg.
Leading the global cryptocurrency ownership rate is the continent of Asia, which has grown to become a major hub for digital assets and innovative technologies. Asia currently accounts for more than half of the total 562 million cryptocurrency owners worldwide. In contrast, North America lags behind, with approximately 72.2 million cryptocurrency owners.
Asia experienced a dramatic increase in cryptocurrency adoption over the years, with the number of cryptocurrency owners skyrocketing from 268.2 million cryptocurrency investors to 326.8 million in 2024. This significant increase highlights the growing acceptance of digital currencies on the continent, underlining its commitment to embracing the digital innovation.
Factors Driving Global Crypto Adoption
Factors such as the upcoming crypto rush, regulatory changes, and media sensation have been driving the cryptocurrency adoption in different regions. The Triple A report reveals that 2024 brought clearer regulations on digital assets that transformed the cryptocurrency industry from a niche market to a dominant player in the financial sector.
The upcoming cryptocurrency bull run has been a major driver of cryptocurrency adoption across the world, triggering Fear to lose (FOMO) from curious investors as it offers an opportunity for them to potentially make huge gains from a legitimate investment range. According to several analysts, the 2024 crypto rush is about to become the biggest ever seenspurred by the launch of Spot Bitcoin ETFs and the recent approval of Spot Ethereum ETFs.
Furthermore, the Triple A report noted that regulatory changes effectively reinforced investor confidence, paving the way for the discovery of new investment products such as Spot Bitcoin ETFs.
Events like the Bitcoin halved on April 20, 2024, effectively triggered market activity, with many predicting that cryptocurrencies would embark on a major recovery before the end of 2024.
Furthermore, educational resources such as Binance Academy, Coinbase Institute and Crypto.com University have effectively exposed younger generations to cryptocurrencies, enlightening them about this innovative financial technology and investment opportunities in the industry.
Featured image created with Dall.E, chart from Tradingview.com