Is Crypto Still Early? Binance users have exploded to over 200 million—users doubled in 26 months. But global crypto ownership is still below 7%.
Bitcoin might be trending at around record highs, but unfortunately, only a tiny portion of the global population owns the coin.
(BTCUSDT)
There are even more dismal statistics regarding the number of developers launching their solutions on decentralized networks like Ethereum or Solana.
Theories have been forwarded to explain this low adoption rate more than 14 years after the first network went live.
But even with some skeptics insisting that most crypto projects have no real use case and are mere copies of Bitcoin, the current state of affairs begs the question: Are we still early?
Binance Serves Over 200 Million Users
Recently, Binance, the world’s largest crypto exchange by user count, announced that it was serving over 200 million users.
Of note, the active user base roughly doubled in just 26 months, highlighting a shift from “early adopters” to a more mainstream audience.
At this mega milestone, the exchange’s CEO, Richard Tend, said the crypto sphere is entering a new “early majority” phase, during which they aim to eventually serve 1 billion people.
Even so, the path to this won’t be smooth. Regulatory hurdles, particularly in the United States, pose a significant obstacle.
To highlight the gravity of regulations, Binance founder Changpeng Zhao is serving a four-month prison term in the United States. He also had to pay a $50 million fine and step down as the CEO.
Encouragingly, the upcoming election in the United States might offer some clarity, with Donald Trump pledging to be the “crypto president” if elected.
As it is, Trump accepts crypto donations for his campaign.
DISCOVER: The Best Altcoins To Unlock Unhinged Growth in 2024
The Upshot: Global Crypto Adoption Still Rising
The broader picture is nonetheless encouraging. Worldwide, the number of crypto owners has surged to over 562 million, though the ownership rate remains below 7%.
Young adults between 24 and 35 years old are the most enthusiastic, making up 34% of all crypto holders.
Geographically, countries in Africa, like Nigeria, the Middle East–mainly the UAE, and Southeast Asia, like Thailand, lead the pack with ownership rates exceeding 24%.
Emerging markets like Turkey and Argentina, alongside smaller economies like Slovenia, are also seeing rapid adoption.
Several key factors influence crypto adoption: Socio-economic realities, including high inflation, drive adoption in countries like Nigeria and Turkey.
Beyond crypto adoption among retailers, the approval of complex derivatives, like the spot Bitcoin ETFs in countries like the United States, Thailand, the United Kingdom, and Australia, continue to spur uptake among institutions.
EXPLORE: $6.9 Billion in Short Positions Target MicroStrategy Stocks
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
