It would be hard to imagine a few years ago that there would be a massive global crypto adoption. But, the exponential growth in activity has brought us to a new height. With that, a new study indicates that the global crypto adoption has far surpassed 320,000,000 users. Basically, that is close to the United States population and is expanding by the minute. However, the analytics data has some far more interesting details which we will discuss in this article.
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Global Crypto Adoption
The Singapore-based TripleA, a digital asset payments firm has finished a new study on the crypto sector. Primarily, the firm has collected data from various reports and surveys to “obtain the most encompassing and accurate set of statistics” for their study.
Subsequently, as of August 2022, the global crypto ownership rates currently stand at around 4.2%. Essentially, that could be indicating upwards of 320 million digital asset users around the globe. This is a rough equivalent of the US population and of course a huge milestone. After all, when it rains it pours.
Interestingly, the study has clarified a critical indicator. According to the study, global crypto adoption is following the same trajectory on the internet adoption in the 90’s.
Generally speaking, mass adoption tends to be a lot more tedious in early stages. Hence, it would be radically easier to grow when there are 320 million users already in the system.
Naturally, the US leads the pack in crypto adoption by quite a long shot. With over 46 million users, United States has far more users than second and third places with 27 million and 26 million users in India and Pakistan respectively.
Digital Assets for Business
Fundamentally, the global crypto adoption has serious implications for the future of business. With a closer look, we see the continent of Asia standing ahead of the curve with 130 million crypto users. In second place, we have Africa with 53 million and North America standing at third with 51 million users.
As for the leading crypto asset, Bitcoin has had over 540,000% growth in market cap since 2012 to 2021. Paring that with the rapid global adoption, one can once again see a recurrence of an internet-like phenomenon in the 90’s.
“Bitcoin reached an annual growth rate of 60% in 2021 and the cryptocurrency market is predicted to grow with a compound annual growth rate of 56.4% from 2019 to 2025.”
And that bring us to the last part. Based on the study, almost 85% of businesses based in the United States have prioritized digital assets. Furthermore, there has also been a 37% increase in accepting crypto payments. On average, the study reports a 40% surge of new customers which honestly sounds a bit strange.
Anyhow, despite the bear market and all the doom and gloom, crypto adoption is not out of breath just yet. Maybe not today, and maybe not tomorrow, but crypto could potentially be the next internet.
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