In its new report, the FinBold analytics center says that the total number of unique Bitcoin holders is 43,540,424. This represents 0.54% of the world’s population. This number is up from Finbold’s estimate in August 2022. There are several factors that justify this attraction to Bitcoin even in the midst of a bear market.
1 in 184 people in the world hold Bitcoin
How many people hold Bitcoin in the world? That’s the answer Finbold wanted to answer. According to CoinMarketCap data compiled by Finbold, at least 43,540,424 people hold only Bitcoin in the world. That’s 0.54% of the world’s population. That’s either 1 in every 184 people who hold the queen of cryptocurrencies.
The proportion of Bitcoin holders in the world is therefore very small compared to the world’s population. Nevertheless, it turns out that it is constantly increasing. Indeed, FinBold conducted a similar study in August 2022. At the time, Bitcoin holders were valued at 35,257,206 according to the report. This represented nearly 0.4% of the world’s population at the time.
Still, Finbold’s findings on Bitcoin holders must be put into perspective. Finbold’s figures consider the number of addresses as the number of Bitcoin holders. In reality, however, one person may have several addresses. What is certain, however, is that the number of Bitcoin addresses continues to grow. It is important to understand why.
Why this interest of Bitcoin?
In less than five months, the number of unique Bitcoin holders has grown from 35,257,206 to 43,540,424 according to Finbold. It will be remembered that during these times, the value of Bitcoin was falling day by day. So why did more than 8 million people turn to a sinking asset?
There are two main reasons for Bitcoin’s success in a bear market.
The first reason is that the bear market does not actually discourage Bitcoin holders. Indeed, for those who believe in the future of Bitcoin, the decline in the value of this cryptocurrency is seen as an opportunity to accumulate it at a low price. In the crypto ecosystem, it’s actually missing out on a bear market that gives one the fear of having missed out. This feeling is called FOMO (Fear Of Missing Out). So the bear market only increases the number of Bitcoin users.
Secondly, Bitcoin has been widely adopted in the past year as a safe haven in the face of the loss of value of fiat currencies. Indeed, 2022 has been characterized by high inflation in both developing and economically stable countries.
In Europe, for example, inflation reached 10.7% in October 2022. Some countries, such as Estonia (22.4%), Lithuania (22%) and Latvia (21.8%), have even exceeded the European average in terms of inflation. This high inflation has notably led to higher market prices. In this context of monetary devaluation, Bitcoin has served as a bulwark against inflation.
The Finbold report confirms that the bear market is not holding back Bitcoin adoption. It’s the same in eCommerce where crypto payments exploded during the bear market. Monetary authorities and state regulators should stop waging war on Bitcoin. As Nigeria has proven to us, this fight further harms the economies of the state and the freedom of its citizens.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.