Crypto Goes Mainstream: Over Half a Billion Users Own Digital Currency
1. Introduction
Cryptocurrencies are now an integral part of the global economy. Bitcoin ranks as the 9th largest asset class by market capitalization and is increasingly being accepted as legal tender by various countries. Ethereum is also making strides, coming in at 22nd among top asset classes. Cryptocurrencies are a key topic in the upcoming U.S. elections, with a notably pro-crypto stance from Trump. And that’s not even touching on the growing number of use cases in areas like Layer 2 solutions, NFTs, and more.
These positive developments have made cryptocurrencies more popular than ever worldwide. A recent report from Triple A, a fintech company that helps businesses process digital currency payments and payouts, underscores this trend. Titled “The State of Global Cryptocurrency Ownership in 2024,” the report offers an in-depth look at global cryptocurrency ownership trends and their evolving role within the financial ecosystem.
Eric Barbier, founder and CEO of Triple-A, stated in the foreword of the report:
“Today, 562 million people across the globe own some form of digital currency, up from 420 million in 2023. In other words, 6.8% of the entire world population now own and use digital currencies.”
2. Top 30 Countries with the Highest Cryptocurrency Owner Rate
“Asia is leading this surge, with crypto ownership rising from 268.2 million to 326.8 million, a 21.8% increase. This growth highlights Asia’s significant role in shaping the digital currency landscape,” the report states. “North America follows closely, with ownership climbing from 52.1 million to 72.2 million, a 38.6% increase.”
The report further highlights that cryptocurrency ownership in South America surged from 25.5 million to 55.2 million, a 116.5% increase. Europe also saw significant growth, with numbers rising from 30.7 million to 49.2 million, a 60.3% increase. Africa experienced a moderate rise from 40.1 million to 43.5 million, an 8.5% increase. In Oceania, interest more than doubled, growing from 1.4 million to 3.0 million, a 114.3% increase.
The report concludes: Overall, the global adoption of cryptocurrencies is on the rise, with significant growth observed across all continents. This widespread increase underscores the expanding role of digital currencies in the global financial ecosystem.
3. What Impact Can Increased Adoption Have on Bitcoin Prices and Oxido Solutions’ Business?
Oxido Solutions specializes in crypto trading bot solutions for high-net-worth individuals and institutional investors. The growing number of cryptocurrency users has several positive impacts on Bitcoin prices and the business landscape. As more people and institutions adopt cryptocurrencies, the demand for these assets rises. According to basic economic principles, if demand increases while supply remains relatively constant—Bitcoin has a fixed supply of 21 million coins—prices are likely to go up.
Greater adoption also leads to higher trading volumes, which increases market liquidity. This reduces price volatility and makes it easier for large players to enter and exit the market without causing significant price fluctuations. Improved liquidity can attract more institutional investors, further driving up prices. Last year, Oxido Solutions’ crypto trading bots have proven capable of generating profits between 32% and 81% in a low-volatility market (view historical monthly performance). More liquidity means our bots can handle more capital, benefiting both us and our clients, who use our bots to earn passive income.
As cryptocurrencies continue to gain mainstream acceptance, they are increasingly seen as legitimate investment assets. This can lead to more investment from traditional financial institutions, pension funds, and retail investors, driving prices higher. The launch of various BTC ETFs and investments from pension funds highlight this trend. Cryptocurrencies, particularly Bitcoin and Ethereum, benefit from network effects. The more people use and accept them, the more valuable they become. This can lead to a self-reinforcing cycle where adoption drives value, which in turn drives further adoption.
Bitcoin is often compared to gold as a store of value. As more countries and investors view Bitcoin as a hedge against inflation and economic instability, demand increases. Given Bitcoin’s capped supply, this can lead to significant price appreciation. An event that could further boost BTC prices is if Argentina follows El Salvador and the Central African Republic in accepting BTC as legal tender. With increased adoption, there is more investment in cryptocurrency infrastructure—exchanges, wallets, payment systems—and technological improvements—scalability, security. This can make cryptocurrencies more user-friendly and secure, attracting even more users and investors.
As adoption of cryptocurrencies increases, we often see a parallel movement toward clearer regulations. This trend is evident, for instance, in Europe with the Crypto legislation MICAR set to come into effect later this year, and potentially in America if Trump regains power. While navigating the regulatory landscape can be complex, clear and equitable regulations have the potential to decrease uncertainty, thus enhancing the appeal of cryptocurrencies to investors and ultimately bolstering prices. Furthermore, as adoption expands, media coverage tends to escalate, heightening public awareness and interest. Positive news stories can spur fresh waves of investment, driving prices upward.
Given all these factors, it’s hard to imagine the global economy without cryptocurrencies. For Oxido Solutions and many other players in the crypto industry, the future looks bright and full of promise.
