![Global Crypto Ownership Surges as 6.8% People Globally Own Digital Currencies – Report Global Crypto Ownership Surges as 6.8% People Globally Own Digital Currencies – Report](https://tkcdn.tekedia.com/wp-content/uploads/2023/05/07055433/coins-tokens.jpg)
A recent report highlights a significant increase in global crypto ownership, with 6.8% of the world’s population owning digital currencies.
The increase in the number of digital currency owners, is up from 420 million in 2023, to 562 million in 2024, with Asia at the forefront of this growth with crypto ownership rising from 268.2 million to 326.8 million, a 21.8% increase.
The continent is followed closely by North America, with ownership rising from 52.1 million to 72.2 million, representing a 38.6% increase.
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The report further highlights that cryptocurrency ownership in South America surged from 25.5 million to 55.2 million, a 116.5% increase. Europe also saw significant growth, with numbers rising from 30.7 million to 49.2 million, a 60.3% increase.
Africa experienced a moderate rise from 40.1 million to 43.5 million, an 8.5% increase. In Oceania, interest more than doubled, growing from 1.4 million to 3.0 million, a 114.3% increase.
The surge in the rate of global crypto ownership reflects growing interest and adoption of cryptocurrencies worldwide. A report by Binance stated that the surge in global crypto adoption is a result of several factors which include; Imminent crypto bull run, governmental developments, and media attention.
It is understood that the crypto market is currently in a bull run, after completing the fourth halving in April, which is usually followed by a surge in the price of Bitcoin. Bull runs have tended to peak within 12-18 months (late 2013, late 2017, early 2021) before entering bear markets.
Quantitative models forecast that the bull run could last 12-18 months and bring even greater returns than the epic 2021 rally. For example, the Stock-to-Flow model predicts Bitcoin could reach over $100,000 in the next cycle peak. This implies nearly a higher gain from the previous year’s lows. With the bull run already in motion, it has sparked both crypto and non-crypto enthusiasts to fund their wallets in anticipation of a Bitcoin price rally.
Also, the increase in the number of crypto global owners is linked to the approval of spot Bitcoin ETFs by the US Securities and Exchange SEC, which has increased institutional investor interest, with several major companies offering crypto services.
A spot bitcoin ETF allows investors to gain exposure to the price movements of bitcoin on a registered national exchange rather than through a cryptocurrency exchange and without the technical hurdles associated with holding cryptocurrencies.
ETFs also allow investors to avoid the management and other fees charged by investment trusts that hold bitcoin. Now that spot bitcoin ETFs have been approved and are being offered by many of the leading brokerage firms, investors who were previously hesitant to invest in bitcoin are now testing the waters of cryptocurrencies by investing in an ETF, which could lead to further adoption of crypto assets generally.