The Global Rise of Cryptocurrency: Adoption Rates, Demographics, and Economic Impact

You may be familiar with the word “cryptocurrency.” If not, it is very unlikely that you have not come across the word “Bitcoin.”

A recent statistics report has shown an increase in cryptocurrency awareness and adoption globally. According to this 2024 report, over 560 million people worldwide hold either bitcoin or other cryptocurrencies. This puts this data at an average of 6.8% of the world population.

To further set this record straight, the report showed that the leading continents in terms of crypto ownership include

1. Asia, with 327 million
2. North America, with 72 million
3. South America, with 55 million
4. Europe: 49 million
5. Africa, with 44 million
6. Occeania, with 3 million.

According to the ranking by country,

1. The UAE leads with 25.3%.
2. Singapore, with 24.4%
3. Turkey, with 19.3%
4. Argentina, with 18.9%
5. Thailand, with 17.6%

The report also captured the gender demography of this population in crypto as follows:

1. Males constitute 61%.
2. Females constitute 39%.

One other vital thing to note here is that about 71% of this population are graduates (they hold at least a bachelor’s degree). 72% of are below age 34. It further estimated the annual income of a cryptocurrency owner at $25,000. This shows that with the current annual adoption rate of 99% growth rate, crypto adoption has exceeded the annual growth rate of traditional payment methods like PayPal, MasterCard, Visa, and American Express, which was at an average of 8% from 2018 to 2023.

The top global brands accepting crypto payments include Farfetch, Charlse and Keit, Multiplier, Razer, iStudio, Reap, Novelship, etc. The industrial impact report shows that 85% of US merchants view enabling cryptocurrency payments as a high priority. This data showed that merchants that accept crypto payments saw an average return on investment (ROI) of 327% and an over 40% increase in new customers. Furthermore, 15.8% of remitters are already using cryptocurrencies for money transfers. Cryptocurrency remittance is 388X faster and 127X cheaper than traditional remittance methods. This shows that digital cross-border remittances will likely hit $428 billion by 2025. Similarly, 25.1% of crypto owners have used crypto to purchase online games or gamble. It is expected that 48.6% of crypto holders will consider spending crypto on online games or gambling in the future. This project projects the gaming market valuation to reach $340 billion by 2027.