In vogue for the past decade, cryptocurrencies are gradually gaining users around the world. According to a new report, cryptos now have more than 320 million people, or more than 4% of the world’s population. While the proportions of cryptocurrency adoption depend on country to country, the overall trend is upward across all continents as evidenced by this recent report from Triple A.
Number of cryptocurrency users triples in two years
Despite restrictions on cryptocurrency users in several countries, their adoption is on the rise worldwide. This is according to a report by Triple A. The latter informs that there are now 320 million crypto investors, or 4.2% of the world’s population.
According to Triple A, crypto users have tripled in just two years. In fact, in 2020, in its Third Global Cryptoasset Benchmarking Study report, the University of Cambridge had estimated the number of cryptocurrency users at 101 million.
Although the adoption curve of cryptos is bullish overall, some countries have made significant progress and are at the top of the podium. Almost 45% of crypto users are concentrated in just 5 countries.
According to the report, the top 5 states with the most crypto users are:
- USA (46 million);
- India (27 million);
- Pakistan (26 million);
- Nigeria (22 million);
- Vietnam (20 million).
The United States may occupy the top spot in the global rankings, but its 46 million users represent only 13.7% of the country’s total population.
When analyzing the proportion of crypto users in relation to the total population of different countries, it is clear that Vietnam occupies the podium, with a crypto penetration rate of 20%. It is followed by Ukraine (15%). On the African side, it is South Africa that occupies the podium (12%). It is followed by Kenya (11%) and Nigeria (10%).
The profile of cryptocurrency users according to Triple A
Triple A‘s report also provides insights into the profiles of people using cryptocurrencies around the world. In particular, it informs that the crypto ecosystem is still predominantly male. While there are almost as many women as men on earth according to the UN, women only make up 37% of crypto users worldwide.
The 2.0 gold rush in different countries is also driven mostly by young people. In fact, up to 72% of crypto users worldwide are under the age of 34.
While education level is not a criterion for investing in cryptocurrency, the report does note that it is the more educated who are using digital currencies. 71% of crypto users have a level of education equivalent to a bachelor’s degree or higher.
Finally, speaking of profile, the report states that the average annual income of crypto users is $25,000.
Cryptos are taking over many areas of life
Triple A indicates in its report the different economic sectors whose activities increasingly incorporate cryptocurrency. These include e-Commerce, fashion, money transfers and gaming.
On the subject of e-Commerce, the report reveals the advantages enjoyed by companies integrating crypto payments. Indeed, last September, merchants accepting cryptos recorded an average return on investment of 327% and an increase in new customers of up to 40%. It’s easy to see why more than 85% of U.S. merchants consider crypto payment integration a priority.
On the fashion side, Triple A’s report informs that cryptocurrency is an important ally of the luxury sector. Indeed, 94% of buyers paying in crypto are under 40, an age group that could potentially be interested in fashion. The fashion market is also booming and is expected to grow from $1.2 trillion to $1.4 trillion by 2025.
As for transferring funds, cryptocurrencies are increasingly being used around the world. In fact, 15.8% of senders are using cryptos. This is justified by the speed and lower costs offered by cryptos.
According to Triple A, using cryptocurrencies, money transfers are on average 388 times faster and 127 times cheaper. It makes sense, then, that some financial experts estimate that the volume of cryptocurrency money transfers, which was $295 billion in 2021, could reach $428 billion by 2025.
For gaming, the report reveals that 25.1% of crypto owners have already used them to buy games in 2021. This trend could evolve upwards. At the time of writing, that’s nearly double the number of crypto users who plan to use it to buy games in the future. The video game industry is growing rapidly. Valued at US$222 billion in 2022, it is expected to reach a value of US$340 billion by 2027. In light of this report, it’s easy to see why brands like Gucci are now accepting Apecoin as a payment method. We are still early, very early.
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.