Bitcoin is the world’s largest cryptocurrency. It has seen its fair share of ups and downs in terms of price, but the growth in its adoption has never been a concern. Since it was founded in the year 2008, the user base of Bitcoin has gotten larger. However, Finbold data shows that still, less than 1% of the world’s population owns Bitcoin. In other words, we have a long way to go in terms of adoption.
Bitcoin adoption globally
The latest data acquired by Finbold from Coinmarketcap shows that there are 43,540,424 unique Bitcoin holders. Now, if we consider the total global population, which is 8,010,885,391, then the percentage of BTC holders comes out to be 0.54%. We could also say that 1 out of every 184th person globally owns Bitcoin today. This is a jump from Finbold’s own data from August that suggested that 1 out of every 226th person holds Bitcoin.
The current market conditions
We have been in a bear market for well over a year now, as Bitcoin has been trading sideways within a particular range. This has been an excellent price point to lure in new investors, as buying the dip does seem attractive here. while whales and old investors are accumulating, many new ones are also entering the industry for the first time.
The bear market has brought down Bitcoin’s price drastically, but the adoption hasn’t slowed down. Even many developing countries are giving Bitcoin a chance because their local currency suffers from very high inflation or hyperinflation.
Companies have also started to accept cryptocurrency as a payment medium which is yet again a huge deal. It doesn’t matter how many people use the payment method, but just having it as an option at such a nascent stage of its adoption is commendable.
The recent jump in Bitcoin’s price above $20k has brought back some confidence and positivity in the market. Currently, Bitcoin is trading just below $21k after getting rejected at that price level. If the cryptocurrency is able to breach some important resistance levels at this price, we can expect it to rise back again. In fact, many analysts predict that 2023 will be a positive year for crypto.
What are your thoughts, as Finbold’s report shows that less than 1% of the world’s population owns Bitcoin? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
Also Read: “Don’t get caught up in FOMO,” SEC Chairman comments on crypto.