The Crypto Craze: Millions Invest In Digital Currency

Interest in cryptocurrencies like Bitcoin has been on the rise, with a record 43% of respondents in a survey saying they are likely to invest in the next year. However, the exact number of people investing in crypto is hard to pinpoint due to the anonymous nature of the system. While it is estimated that there are over 100 million Bitcoin 'users' worldwide, this includes people with multiple wallets and accounts. Coinbase, a popular crypto exchange, has over 35 million verified users, indicating that the actual number of crypto investors could be much higher.

11% of Americans hold Bitcoin

According to a survey published by Spencer Bogart of Blockchain Capital in April 2019, 11% of Americans own Bitcoin. This survey, conducted by Harris Poll, gathered responses from 2,052 American adults and represented an expanded version of a previous demographic survey from October 2017. The results indicated a significant increase in Americans' knowledge about Bitcoin since the previous survey, with improvements in awareness, familiarity, perception, conviction, propensity to purchase, and ownership.

The survey outlined that Bitcoin is predominantly a "demographic mega-trend" led by younger individuals in the 18-34 age bracket. Interestingly, while younger age groups showed higher investment percentages, the survey also found that awareness of Bitcoin was consistent across all age groups. The proportion of Americans who had heard of Bitcoin rose from 77% in October 2017 to 89% in April 2019.

When it comes to Bitcoin ownership, the survey revealed that 20% of Americans aged 18-34 invested in Bitcoin, while the 35-44 age group accounted for 11%. The 45-54 and 55-64 age ranges showed equal ownership at 5%, and among retirees over 65, 2% held Bitcoin. Another notable finding was that approximately 3% of American retirees owned Bitcoin, indicating a growing interest in cryptocurrency even among older generations.

The increasing awareness and ownership of Bitcoin in the United States align with the growing popularity of cryptocurrency globally. As of September 2024, the value of all existing cryptocurrency is estimated to be around $2.02 trillion, showcasing the significant growth and interest in this asset class.

35 million Coinbase users

Coinbase is a leading cryptocurrency exchange platform that was launched in 2012. In less than 2 years, the platform registered its first million users. As of 2022, Coinbase has over 35 million users in more than 100 countries, making it the most popular cryptocurrency exchange in the world. This number has likely increased as of 2024, as Coinbase had 73 million total users in 2021.

Coinbase's rapid growth can be attributed to its user-friendly interface and wide range of features. The platform offers a variety of cryptocurrencies to choose from, including Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, and Cardano. Additionally, Coinbase provides users with a secure and regulated platform to buy, sell, and store their cryptocurrency.

The company has also made efforts to expand its services and improve the user experience. In 2020, Coinbase acquired the crypto-broker Tagomi, allowing them to offer clients the ability to trade on multiple liquidity pools. Coinbase also offers a paid subscription service called Coinbase One, which includes zero trading fees under a certain limit, priority support, and other exclusive benefits.

Coinbase's user base consists of both retail and institutional customers. Retail customers, or individual investors, make up about one-third of the total trading volume on the platform. On the other hand, institutional customers, such as financial institutions, corporations, and hedge funds, account for the remaining two-thirds of the trading volume.

The platform's popularity is not limited to any specific demographic. However, according to a survey by Finder.com, only about 8% of American adults own cryptocurrency, with men being twice as likely as women to own crypto. Additionally, Millennials are the most interested in cryptocurrency, with 17% preferring to own crypto, followed by Generation X at 9% and Baby Boomers at 2%.

Coinbase's impact on the cryptocurrency market is significant. In 2021, 11.3% of the entire crypto market capitalization was held on the Coinbase platform. The average Coinbase user owns slightly more than $5,000 worth of cryptocurrency, and the platform has generated billions of dollars in revenue since its launch.

59 million Blockchain.com wallets

As of 2024, there are over 460 million Bitcoin addresses created, but this number doesn't translate to active users as individuals can own multiple wallets. A more telling statistic is the 67 million wallet addresses that hold a balance of at least $1, indicating active participation in the Bitcoin economy.

Blockchain.com is a crypto platform that offers a range of services, including buying, selling, and storing cryptocurrencies. It is one of the most well-known and trusted platforms in the crypto space, with a large number of users worldwide. While the exact number of Blockchain.com wallets is not publicly available, it can be estimated based on the number of active Bitcoin wallets and the popularity of the platform.

Assuming that Blockchain.com has a significant market share in the crypto space, it can be estimated that they have a proportionate number of wallets created on their platform. With 460 million Bitcoin addresses created and 67 million active wallets, Blockchain.com likely has a substantial number of wallets on its platform, possibly in the millions.

Additionally, Blockchain.com has been in the industry for several years and has a strong reputation, which could attract more users to create wallets on their platform. The company has also likely run various marketing and advertising campaigns to promote its services, further increasing its user base.

While the exact number of 59 million Blockchain.com wallets cannot be confirmed, it is safe to assume that the platform has a significant number of wallets created by users looking to invest in cryptocurrencies. The popularity and trust associated with Blockchain.com make it a go-to choice for many individuals looking to enter the crypto market.

1 million daily Bitcoin transactions

Bitcoin is often processed more than one million times per day. On 7 September 2024, there were 781,426 transactions, up from 667,267 the day before. This is a change of 17.11% from the previous day and 88.39% from the same day one year ago.

The number of daily Bitcoin transactions is an indicator of the level of interest in the cryptocurrency. During the crypto boom of 2017-2018, daily transactions increased to a peak of 490,644 on 14 December 2017.

It is difficult to know exactly how many people are investing in cryptocurrencies, as the system is anonymous. However, a survey by Finder.com found that only about 8% of American adults own cryptocurrency, with the number of men twice as high as the number of women. Another survey by LendEDU found that 40% of respondents invested in cryptocurrency because they believed it to be a "technology that would change the world", and 21% saw it as a long-term money storage solution, like gold or silver.

The number of people investing in cryptocurrencies is likely to continue to grow, as more people recognise its benefits, such as its speed, low fees, decentralisation, irreversibility of transactions, data security, and protection from inflation.

25 million traders outside the US and Europe

As of 2024, an estimated 1 billion people around the world use cryptocurrencies. This means that about 1 in 10 people currently invest in cryptocurrencies.

In the US, 17% of adults have owned cryptocurrency as of 2023. This figure is mostly unchanged from previous years. Younger men are more likely to use cryptocurrency compared to men over 50 and women of any age. For example, 41% of men aged 18 to 29 have invested in, traded, or used cryptocurrency, compared to 16% of women in the same age range.

Outside the US, India had the highest global crypto adoption rate as of September 2023, followed by Nigeria and Vietnam. Many high adopters are developing markets, such as Ukraine, Indonesia, and the Philippines.

While there is no data on the exact number of crypto traders outside the US and Europe, it can be estimated that there are around 25 million crypto traders outside these regions, based on the global crypto adoption rate and the number of US crypto traders. This number is likely to include a large proportion of young male traders, as crypto investment and interest remain highest among this demographic group.

The rise in cryptocurrency investment can be attributed to several factors, including the ease of trading, the potential for high growth, and the excitement of investing in a new asset class. However, it is important to note that cryptocurrency is a highly volatile and speculative investment, and there are risks associated with putting money into it, as with any other asset.

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