- Global crypto users crossed the 500 million mark by the end of 2023.
- Bitcoin maximalist Raulo Pal believes the number of users could reach 1 billion by 2025.
After an impressive 60% rally in the first quarter of 2024, Bitcoin [BTC] suffered a slight setback at the beginning of the second quarter. It fell more than 5%, falling from $71,000 to $64.5K before attempting to recover $66,000.
Amid the downturn, Raulo Pal, a Bitcoin maximalist, has remembered His X followers (formerly Twitter) said the crypto adoption rate could reach 1 billion users by 2025.
“On days like today, remember that crypto is still being adopted at twice the speed of the internet and should reach around 1 billion users by the end of 2025.”
Source: X/Raulo Pal
Current crypto adoption rates
A 2023 report by Crypto.com Exchange showed that global crypto users crossed the 500 million mark, reaching 580 million in December 2023.
“Global cryptocurrency owners increased 34% in 2023, from 432 million in January to 580 million in December.”
Over the same period, Ethereum [ETH] owners increased from 89 million to 124 million. The report mentioned liquid strike for growth. At a global level, ETH owners made up 21% of users.
On the other hand, BTC owners increased from 222 million to 296 million and accounted for 51% of global users. The growth was related to the spot of BTC ETFs and Bitcoin Ordinals.
But according to facts of digital currency payment platform Triple-A, there were approximately 420 million crypto users in 2023, of which more than half (268 million) came from Asia.
However, the Chainalysis Global Crypto Adoption Index report noted that most crypto adoption occurred in low- and middle-income countries (LMI) in Asia and Africa in 2023.
LMI represents approximately 40% of the world’s population, which Chainalysis tipped to highlight;
“If LMI countries are the future, the data indicates that crypto will be a big part of that future.”
That said, an explosion to 1 billion crypto users by 2025 could be a big deal for digital assets.