According to Statista, more than 617 million identity-verified people or organizations use cryptocurrencies worldwide. Those qualifiers make a big difference, however, because not all crypto users are identified. That statistic also includes all cryptocurrencies. In this guide, we’ll focus on how many people hold Bitcoin specifically. The number is surprisingly difficult to pin down, but we know one thing for certain: the number of Bitcoin owners has increased exponentially over the past decade and a half.
To estimate how many people use Bitcoin, we’ll examine several studies and analyze active wallets in addition to dormant Bitcoin wallets with balances. In the end, any answer is still a best guess, and that has to do with the way Bitcoin wallets work. One person or organization can have an unlimited number of wallet addresses. Let’s dive into the data to see what clues it provides on Bitcoin users and Bitcoin addresses.
How Many People Hold and Use Bitcoin in 2024?
At Bitcoin’s inception, the network only hosted a handful of active wallet addresses. Between 2009 and 2017, that number grew from a few dozen early adopters and contributors to several hundred thousand active users.
Active Bitcoin wallets likely provide the closest measurement of how many people use Bitcoin as a peer-to-peer electronic cash system, as described in the Bitcoin Whitepaper.
How many people own Bitcoin is a different question than how many people use Bitcoin. Tools like Bitinfocharts, shown above, and Dune Analytics, shown below, provide meaningful insight into the latter.
Data from early 2024 shows about 545,000 to 610,000 daily active wallets, with a seven-day moving average of about 585,000 unique wallet addresses.
However, this still doesn’t definitively answer the question of how many people own Bitcoin. One entity may have more than one wallet address; Bitcoin power users may have dozens. Adding some slushiness on the other end of the calculations, wallets may have combined funds.
For example, a broker may not hold individual wallets for all BTC holders. The same is true of Bitcoin spot ETFs, which may have millions of holders, none of which have a unique wallet address for their ETF holdings.
Several data analysts have also attempted to answer the question of how many people own Bitcoin, taking other factors into account, such as custodial wallets held by exchanges or brokerages.
Two studies by Glassnode, one from 2020 and the other from 2023, showed the number of Bitcoin owners at 23.1 million and 32.9 million, respectively. River, a Bitcoin-only investment platform, estimated that the number was much higher, suggesting the number of Bitcoin holders was between 81.7 million and 130.4 million.
Crypto.com’s estimate comes in much higher, with 267 million Bitcoin owners worldwide, according to their analysis.
Cryptocurrency Usage
Several studies target cryptocurrency usage as a whole, which may offer insight into how many people use Bitcoin, given that Bitcoin is typically the first crypto investment. However, smart contract blockchains like Ethereum and Solana let crypto users navigate the world of digital currencies without ever using Bitcoin.
Security.org estimates the number of crypto users to be 93 million worldwide. This number parallels the figures from River. Chainalysis, a leading blockchain data platform, sees global crypto adoption increasing across all income brackets. The study also points to the introduction of spot Bitcoin ETFs in the US as a driver for increased Bitcoin activity globally.
Are we any closer to answering the question of how many people hold Bitcoin? We’re getting closer. While it’s impossible to answer the question with 100% certainty, we know it’s likely in the hundreds of millions when you include custodial holdings, such as ETFs, exchanges, and brokers.
How many people use Bitcoin day-to-day seems to be some amount less than 600,000, although many of these wallets may have the same owner. However, this number might also be too small, depending on the measured period. In the next section, we’ll compare monthly active users, which yields a figure in the millions.
Calculating Global Bitcoin Usage
Let’s look at some statistics that could shed light on how many people hold Bitcoin. Trends for Bitcoin active addresses and total addresses point to continued adoption. The number of transactions and wealth distribution also offers insight into Bitcoin’s direction. Let’s explore some key analytics to gauge growth.
Bitcoin Active Addresses
The number of active addresses varies depending on the measurement period. According to data from Glassnode, more than 13 million Bitcoin wallet addresses transact within a month, as shown below.
There’s also a loose correlation between market peaks and active Bitcoin wallets, with price peaks in 2018 and 2021 corresponding to spikes in active Bitcoin wallets.
However, the number of active wallets falls dramatically when using a tighter date range. Let’s compare.
- Monthly Active Wallets: 13.2 million
- Weekly Active Wallets: 3.8 million
- Daily Active Wallets: 0.8 million
Bitcoin Total Addresses
As of this writing, there are more than 1.3 billion wallets with a transaction history on the Bitcoin network. However, this metric isn’t as helpful in determining how many people use Bitcoin. Again, one person or entity can own multiple wallet addresses. Here are some notable peaks in the total number of Bitcoin addresses.
- June 1, 2011: 1,061,589
- November 1, 2013: 22,339,713
- December 1, 2017: 353,703,286
- October 1, 2021: 895,879,804
Bitcoin Wealth Distribution
Bitcoin ownership per wallet shows a vast disparity in ownership relative to how many Bitcoin wallets hold a balance. According to data from Bitinfocharts, a mere four wallet addresses hold more than 100,000 bitcoins. At the other end of the spectrum, 5.87 million wallets hold a total of 33.5 bitcoins. Thye average dollar value of these nearly six million wallet addresses is $0.000360363857, which is less than the cost of a transaction. Absent new deposits into these wallets, they are now dust wallets.
However, the remaining Bitcoin wallets with balances represent some sizeable wealth in specific groups. The majority of Bitcoin wealth centers on five ownership groups.
- 1 – 10 bitcoins: 10.83% of BTC
- 10 – 100 bitcoins: 22.01% of BTC
- 100 – 1000 bitcoins: 20.3% of BTC
- 100 – 1,000 bitcoins: 24.17% of BTC
- 10,000 – 100,000 bitcoins: 11.87% of BTC
In dollar value, wallets holding 1,000 to 10,000 bitcoins represent the largest amount of wealth at more than 301 billion dollars combined. However, this grouping is closely followed by wallets holding 10 to 100 bitcoins, with a combined dollar value of over $274 billion.
For Bitcoin to work as described in the Bitcoin Whitepaper (a peer-to-peer electronic cash system), larger wallets may need to distribute their massive holdings at some point. While bitcoins are infinitely divisible, massive supply overhead held by relatively few wallets could create price uncertainty or hamper broader adoption.
Number of Transactions
The total number of Bitcoin transactions shows a steady rise with no notable plateaus in the past five years. The Bitcoin network reached one billion transactions in May 2024, increasing another 9% by October of 2024.
However, the number of Bitcoin transactions per day shows a much more erratic chart, with a dramatic increase in transactions beginning in mid-April 2023.
June of 2021 saw transaction volume fall as low as 126,640, whereas by May of 2023, daily transaction volume rose to 631,677. April 23, 2024, saw transaction volume spike to more than 927 thousand transactions.
BTC Trading Volume
Bitcoin trading volume doesn’t show a strong correlation with BTC market price or wallet addresses. However, the increased trading volume does converge with the 2017 peak for BTC’s price, which surged briefly to nearly $20,000 per bitcoin in late 2017. Bitcoin’s price has more than tripled compared to its 2017 highs.
According to Blockchain.com data, BTC trading volume ranges between $60 million to as much as $892 million daily on major cryptocurrency exchanges. Smaller exchanges add considerable volume in aggregate.
Generally, the lowest volume occurs during the weekends, suggesting that weekdays may be the best time to trade crypto in regard to trading liquidity. Higher volume can add more validity to trading indicators.
Trading volume doesn’t provide much insight into how many people hold Bitcoin, but trading on crypto exchanges helps Bitcoin find a market value. This value, in turn, likely affects how many people use Bitcoin going forward. If Bitcoin continues to perform as an asset, it becomes a viable alternative to traditional fiat currencies as a store of value with limited supply and growing demand.
How Many People Have Heard of Bitcoin?
According to the Pew Research Center, 88% of US adults have heard of cryptocurrencies. However, the data also suggests continued skepticism toward cryptocurrencies. Of those who are aware if cryptocurrencies like Bitcoin express safety concerns over trading and transacting with blockchain assets. Nearly 40% of respondents were not at all confident that cryptocurrencies are safe, while 36% were not very confident.
The numbers suggest we have a long way to go toward broader crypto adoption, particularly in the areas of safety perceptions and ease of use. Just 6% of respondents in the poll assessed themselves as very or extremely confident in crypto’s safety.
However, according to the World Economics Forum’s analysis of Pew data, nearly 70% of US adults who have invested in crypto still own crypto. Upper-income investors held the largest numbers (78%), although 57% of low-income investors also remain invested in crypto.
Bitcoin Holdings by Country
Disclosed Bitcoin holdings by governments around the world offer some insight into overall Bitcoin holdings. However, identifying which countries hold the most Bitcoin at any individual level becomes trickier due to Bitcoin’s pseudonymous wallets. Let’s start with the governments that hold the most Bitcoin.
The US government stands tall above most other nations in its BTC holdings. As of 2023, the US Treasury held more than 207,000 bitcoins. This growing stash comes from asset seizures, and despite occasional sales and auctions, the US continues to top the list.
China follows closely with an estimated 194,000 BTC, according to 2022 reports. The UK, Ukraine, Bhutan, El Salvador, and Finland also own more than $125 million worth of Bitcoin. The US, China, the UK, and Ukraine all measure their Bitcoin wealth in the billions.
However, countries with massive amounts of Bitcoin still pale in comparison to the recently launched Bitcoin spot ETFs (exchange-traded funds). At press time, ETFs held more than double the amount of BTC held by governments, with ETFs holding 1.1 million BTC compared to 0.529 million held by world governments.
Crypto Ownership by Country
Triple A estimates show more than 560 million crypto owners worldwide based on 2023 data. The total number of crypto owners centers on countries like the US, with an estimated 53 million crypto owners. The US is followed by Brazil and Vietnam, with 26 million and 21 million crypto owners respectively.
The percentage of the population that owns crypto offers useful insight into adoption. Here, the leaderboard changes.
Several nations with higher inflation in recent years have seen a greater percentage of the population turn to cryptocurrencies.
- Turkey: 19.3%
- Argentina: 18.9%
- Brazil: 17.4%
- Venezuela: 10.3%
Of note, like many studies, Triple A does not break out the data to specify how many people hold Bitcoin.
Also of note, other studies put crypto usage in specific countries higher (or lower) than Triple-A. For example, one estimate from Coin Journal suggests that as many as 47% of Nigerians transact on-chain. Another study by Kucoin found that more than half of the adult study participants in Turkey transact in crypto. On the other side of the data debate, the US Federal Reserve estimates that only 7% of US adults held or used cryptocurrency in 2023, a stark difference compared to other estimates.
Top Bitcoin Blockchain Stats
How many people hold Bitcoin? Although the exact number of Bitcoin holders remains elusive, statistics help paint the picture in regard to usage and adoption. Let’s summarize some key stats and findings thus far.
- Total Bitcoin addresses: More than 1.3 billion Bitcoin wallet addresses have a transaction history.
- Bitcoin Addresses Holding $1,000 or More: 10.37 million
- Bitcoin Addresses Holding $10,000 or More: 3.42 million
- Bitcoin Addresses Holding 1 BTC or More: 1.01 million
- Dormant Bitcoin Addresses: 1.75 million Bitcoin wallets have been inactive for more than a decade. In many cases, the wallet owners may have lost access to the wallet.
- Crypto Owners Worldwide: 560 million
- US Adults Aware of Crypto: 88%
- Oldest Active Bitcoin Wallet: 14 years
- Daily Active Bitcoin Wallets: 547,767
- Daily Bitcoin Transactions: As of this writing, the Bitcoin network completed 730,664 transactions in the past 24 hours.
- Average Bitcoin Transaction Value: 0.1668 BTC ($10,633)
Bitcoin Daily Usage
Bitcoin daily transactions vary more than you might expect, ranging from 244,000 to 927,000 in the past year. However, today’s figure of 742,158 transactions more than triples the same date one year ago. Charts show a strong upward trend in daily Bitcoin transactions beginning in early 2023.
Does this mean more people are using Bitcoin? While the data suggests that more people are using Bitcoin than in past years, the data isn’t conclusive.
Several factors affect the usefulness of this statistic when compared to prior time periods.
- Owners with multiple addresses: Many Bitcoin holders use multiple addresses for reasons ranging from privacy to security and even budgeting.
- Introduction of SegWit: An upgrade to Bitcoin’s code in 2017 allowed Bitcoin blocks to hold more data. Increased data capacity has helped make transactions more efficient.
- Inscriptions: The introduction of inscriptions and the ability to add arbitrary data to the smallest denomination of Bitcoin (Satoshis) led to a surge in transactions.
- Bitcoin Layer 2 Projects: Several promising Bitcoin Layer 2 Projects like the Merlin Chain allow people to transact in Bitcoin or equivalent bridged tokens without using the Bitcoin chain directly. Similarly, the Lightning Network uses Bitcoin payment channels that reconcile final balances on the Bitcoin blockchain; transactions that occur before the payment channel is closed may not appear on the Bitcoin blockchain.
- Bitcoin in DeFi: BTC-equivalent tokens like WBTC and CBTC track Bitcoin’s value and allow people to use Bitcoin’s stored value on other chains in decentralized finance (DeFi) applications.
What Is Bitcoin Used For?
Although the Bitcoin Whitepaper proposes Bitcoin as a peer-to-peer payment system, it’s more commonly used as a store of value, investment, or speculative asset. However, these uses see some crossover with Bitcoin’s utility as a payment asset.
People in countries with high inflation or hyperinflation have turned to BTC as a store of value. While critics point to Bitcoin’s price volatility, BTC is often more stable than some traditional currencies. For example, Argentina’s inflation rate is 237% percent. Converting Argentine Pesos to Bitcoin can be a prudent move, even if BTC sees some downside after buying with Pesos.
Much like gold or other hard assets with limited supply, Bitcoin can act as a hedge against inflation, preserving value that would be lost by savers otherwise.
Bitcoin also offers a secure way to make cross-border payments to family members in other countries. Traditionally, payment services like Western Union dominated this space, charging as much as $35 to $50 in fees for sending money internationally from countries like the US. By comparison, the average Bitcoin transaction fee is less than $1.
Cross-border payments offer one example of Bitcoin used as a peer-to-peer electronic cash system, but Bitcoin is border-agnostic. There are no borders in Bitcoin. People use Bitcoin to transfer value to someone across the world or across the table. In most cases, the transaction sees its first blockchain confirmation within ten minutes.
Which Countries Have Made Bitcoin Legal Tender?
Some countries have also adopted Bitcoin as legal tender. Although the idea has been slow to spread worldwide, El Salvador and the Central African Republic (CAR) have both made Bitcoin legal tender in their respective countries.
However, the CAR has already changed direction. While Bitcoin promised economic stability, infrastructure challenges became the first hurdle. Only about 10% of the country has internet access, making internet money problematic.
El Salvador continues its experiment with Bitcoin, although the International Money Fund (IMF) recently weighed in with some cautions and requests for restrictions regarding Bitcoin as a currency. As El Salvador is currently seeking a loan from the IMF, the organization may have some leverage to change how El Salvador proceeds with Bitcoin as legal tender.
Major Companies That Accept Bitcoin Purchases
In El Salvador, where Bitcoin is legal tender, many businesses accept Bitcoin. In the rest of the world, finding merchants that accept Bitcoin can be more challenging. However, the list of major companies that accept crypto is growing, due in large part to crypto payment providers that provide point-of-sale support for Bitcoin payments.
Let’s look at some of the big names that now accept Bitcoin for at least some types of transactions. Many companies accept BTC for gift cards, and the merchants and providers in the list below accept Bitcoin for direct transactions.
- AMC
- DISH TV
- Ledger
- Microsoft
- Namecheap
- Newegg
- Ralph Lauren
- RoomsToGo
- SlingTV
- TradingView
- Twitch
- ZenLedger
How Many People Will Use Bitcoin by 2030?
While it’s difficult to know how many people use Bitcoin now, it’s clear that acceptance is growing. Security.org estimates that 40% of US adults now own crypto, an increase of 30% over 2023 estimates. The study indicates as many as 93 million people in the US alone already own crypto. It also suggests the availability of Bitcoin ETFs could increase that number dramatically. While ETFs require conversion to cash before spending, they also offer easy access to Bitcoin as an inflation hedge, store of value, and speculative investment.
Worldwide, the number of crypto users appears to be nearly 600 million, with most of these users likely holding some amount of Bitcoin. Security.org’s study found Bitcoin to be the most commonly held cryptocurrency, with 76% to 78% of crypto owners holding Bitcoin. This was followed by Ethereum (ETH), held by 54% to 65% of crypto owners.
Those percentages could prove invaluable in estimating future Bitcoin usage. One report published by BCG, Bitget, and Foresight Ventures suggests that we could see one billion crypto users worldwide as soon as 2030. If we apply 76% to that figure based on the findings from Security.org, 760 million people worldwide could be using Bitcoin by 2030.
The report points to increased growth of Web3 and decentralized finance. Other factors that may drive adoption include ETFs that make it easy to invest in Bitcoin and adoption in emerging markets where currencies or economic conditions make crypto an attractive alternative.
The growing popularity of Bitcoin Layer 2 chains like Rootstock and Merlin creates additional demand for BTC. These Layer 2 chains use Bitcoin-equivalent tokens, enabling users to access Web3 and DeFi protocols previously only available on chains like Ethereum or Solana.
Ethereum still holds 55% of all TVL for smart contract-enabled blockchains.
Bitcoin dominance enjoys a similarly strong number at 58%, meaning that the BTC market represents 58% of the total crypto market cap.
As Bitcoin Layer 2 networks evolve, we may see a greater representation of Bitcoin in DeFi applications. It’s hard to imagine a future multi-trillion dollar market lying dormant. Many expect Bitcoin to become a leading asset for collateral and other DeFi uses.
What Can Impact the Number of Bitcoin Users?
Bitcoin has some advantages in regard to adoption compared to most other cryptocurrencies. Its fair launch without a presale and worldwide decentralized network have thus far given it one advantage: Bitcoin is not a security. This limits the risk from zealous regulators, such as the Securities and Exchange Commission (SEC).
However, lawmakers and entrenched financial interests may continue to oppose increased adoption. It’s also possible that blockchain-savvy firms like BlackRock will push the doors open, finding ways for crypto and traditional finance to coexist while maintaining regulatory compliance.
Let’s examine some key factors that can help or hinder Bitcoin’s growth and ultimately determine how many people use Bitcoin.
Regulation
Although Bitcoin is generally considered to be a digital commodity rather than a security, this only helps it escape regulation by the SEC and similar securities-focused agencies in other countries. Several countries around the world have banned crypto, with another group severely restricting its use. Similar bans in larger countries could affect the worldwide market for Bitcoin, or even limit its role as a safe-harbor asset in high-inflation nations.
On the other hand, relaxed regulation or even adoption as legal tender alongside traditional currencies could cause Bitcoin use to skyrocket beyond anyone’s expectations.
Ease of Use
Traditional finance makes most transactions easy—swipe a card or hand some cash across a counter. However, Bitcoin and other cryptocurrencies still come with a steep learning curve. Current iterations center on complicated Bitcoin wallets secured by lengthy and oft-misplaced seed phrases. While these measures promote financial sovereignty and safety, they remain offputting to newbies.
It’s unlikely that Bitcoin wallets will change meaningfully under the hood any time soon, although it’s possible that wallets will find ways to abstract these aspects to make using Bitcoin easier.
Bitcoin Price Stability
One major obstacle to Bitcoin adoption in the past has been its volatility. In late 2021, investors watched BTC fall from nearly $70,000 to below $16,000 by 2023. BTC’s price has since recovered and now shows much, much more stability. As more people worldwide turn to Bitcoin, either with direct purchases or through ETFs, the increased demand should reduce volatility.
Merchant Acceptance of Bitcoin
Spending Bitcoin is becoming easier, but it’s not as easy as cash or debit cards. Relatively few merchants accept Bitcoin, making it a fringe asset in many respects. Until we see wider merchant acceptance of Bitcoin, BTC will likely continue in its recent roles, including sending value across borders, acting as an inflation hedge or store of value, and providing a speculative trading asset.
Crypto Tax Treatment
The IRS treats cryptocurrencies as property for tax purposes. This means that every time Bitcoin changes hands in the US, the transaction creates a taxable event. If Bitcoin goes up or down between the time you receive it and spend it, sell it, or send it to someone else, the transaction affects your capital gains/losses and must be reported on your taxes.
This taxable treatment every time Bitcoin or another cryptocurrency is used makes crypto difficult to use for everyday transactions. Adoption as legal tender could avert the cumbersome tax treatment of Bitcoin for daily use.
CoinMarketCap offers a page where the crypto community places bets on which countries may be next to make Bitcoin legal tender. Among the community’s picks, you’ll find some inflation-stricken nations but also a few surprise picks. Time will tell if any of these predictions come to pass.
Conclusion
Several estimates put the number of crypto users at nearly 600 million worldwide. That figure doesn’t specify Bitcoin. So, how many people own Bitcoin? If we apply a percentage found in surveys of crypto users, we can assume that about 75% of crypto owners hold Bitcoin in their crypto portfolio. Assuming the 600 million users is reasonably close, theoretically, as many as 450 million people own Bitcoin worldwide.
However, the pseudonymous nature of Bitcoin wallets and the fact that one entity can own an unlimited number of Bitcoin wallet addresses make any estimate an educated guess. We may never know exactly how many people use Bitcoin, and maybe that’s what Bitcoin’s anonymous founder envisioned for this new digital asset.
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References
- Bitcoin: A Peer-to-Peer Electronic Cash System (bitcoin.org)
- How Many Entities Hold Bitcoin? (glassnode.com)
- The Shrimp Supply Sink: Revisiting the Distribution of Bitcoin Supply (glassnode.com)
- How Many People Use Bitcoin? (river.com)
- Crypto Market Sizing Report H1 2023 (crypto.com)
- 2024 Cryptocurrency Adoption and Sentiment Report (security.org)
- The 2024 Global Adoption Index (chainalysis.com)
- BTC: Number of Active Addresses (glassnode.com)
- Bitcoin Transactions Per Day (I:BTPD) (ycharts.com)
- Exchange Trade Volume (USD) (blockchain.com)
- Majority of Americans aren’t confident in the safety and reliability of cryptocurrency (pewresearch.com)
- 5 charts on what Americans think about cryptocurrency (weforum.org)
- US Government Seized Bitcoin Sales Tracker (github.io)
- Cryptocurrency Ownership Data (triple-a.io)
- Report: 47% of Nigerians Engaged in Crypto-Related Activities (bitcoin.com)
- Understanding Crypto Users in Turkey: More Than Half of Turkish Adults Invest in Crypto (kucoin.com)
- Economic Well-Being of U.S. Households in 2023 (federalreserve.gov)
- How much are money transfer fees? (westernunion.com)
- El Salvador Just Became The First Country To Accept Bitcoin As Legal Tender (npr.org)
- Why the Central African Republic adopted Bitcoin (bbc.com)
- The Fall Of Bitcoin In The Central African Republic: Why This Legal Tender Experiment Failed (nasdaq.com)
- IMF asks El Salvador to restrict bitcoin law (finance.yahoo.com)
- Crypto to reach 1 billion users in 2030: BCG Report (cointelegraph.com)
- Explainer: What makes a crypto asset a security in the US? (reuters.com)
- Digital assets (irs.gov)
- Countries Which Allow Cryptocurrency As Legal Tender (coinmarketcap.com)