How Many People Use Bitcoin?

Needless to say, cryptocurrencies are making headlines every day. Some even say that they are powerful enough to take down the stock market and threaten the role of governments and century-old banks.

How many people use bitcoins currently? Though it is hard to say the exact number, yet there are some data points which provide some alluring clues.

32 Million Bitcoin Wallets

At press time, there are nearly 32 million bitcoin wallets as per the data compiled by Statista. Although most bitcoin users have more than one bitcoin wallet and use multiple wallet addresses to increase their privacy when transacting in bitcoin.

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34% of Active Users

The number of people who actively use bitcoin has also increased throughout the years. A report from Chainalysis has revealed that active bitcoin users make up nearly a 3rd of the total number of bitcoin owners.

5% of Americans Hold Bitcoin

A survey done by the Global Blockchain Council and SurveyMonkey found that 60% of Americans have heard of Bitcoin and that around 5% hold the digital currency. This means that about 16 million Americans have invested in Bitcoin.

13 Million+ Users of Coinbase

The most popular exchange, Coinbase, purportedly has over 13 million users. Now, this implies that the number of bitcoin users is somewhere between 13 million and 32 million.

With that said, Coinbase is available in 32 countries and that its user base number give a clear indication of how many users are than analyzing wallet addresses.

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Bitcoin User Growth

Bitcoin trading volumes from P2P exchange, LocalBitcoins, suggest that mass adoption of bitcoin is on the rise in economically troubled nations of South America, including Brazil, Venezuela, and Colombia as well as Africa since more and more young Africans are stepping into bitcoin bandwagon as a way of generating an income.

According to Mati Greenspan, an eToro analyst,

“In South Africa, the number of new users trading bitcoin through eToro rose by 671% from January to the end of November last year over the same period in 2016, more than the 574% overall growth.”

According to Google Trend data,

“Furthermore, 3 African countries – Ghana, Nigeria, and South Africa – are among the top 5 nations to search for the keyword bitcoin.”

So, Here’s The Math!

In light of the data, which is limited, and the impossibility of accurately determining the number of total bitcoin users across the world, we can say that there are around 25 million users worldwide.

However, the figure is derived by assuming that out of the 32 million bitcoin wallet addresses, several are no longer in use and many users still have several bitcoin wallets.

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Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.