Crypto Adoption and Ownership Trends in 2024
Dec 10, 2024
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minutes
In 2024, global cryptocurrency ownership reached 562 million individuals, marking a significant 33% increase from 420 million in 2023. This surge reflects an expanding interest in crypto as it moves further into the mainstream financial landscape. Today, 6.8% of the world’s population owns or uses digital currencies, highlighting the shifting perspective on digital assets from niche investments to essential financial tools. This rapid growth shows how digital currencies are transforming both personal finance and broader economic systems worldwide.
Leading Countries in Crypto Adoption
The United Arab Emirates leads global crypto ownership, with 25.3% of its population holding digital assets. Singapore follows at 24.4%, and Thailand, Vietnam, and Argentina have ownership rates of 17.6%, 17.4%, and 18.9%, respectively. In the United States, 15.5% of the population owns crypto, indicating strong adoption in advanced economies.
Continental Growth Breakdown
Every continent experienced growth in crypto ownership:
Asia: Increased by 21.8% from 268.2 million to 326.8 million, confirming its role as a major driver in crypto adoption.
North America: Grew by 38.6%, reaching 72.2 million owners.
South America: Recorded the highest growth rate, with a 116.5% increase, jumping from 25.5 million to 55.2 million users.
Europe: Saw an ownership rise of 60.3%, totaling 49.2 million owners.
Oceania: Experienced a 114.3% increase in ownership, from 1.4 million to 3 million.
Demographics of Crypto Owners
Cryptocurrency ownership is dominated by men (61%), though women make up 39% of users, with trends showing a gradual closing of the gender gap. Age distribution reveals that the 25-34 age group holds the highest percentage of crypto ownership at 34%, closely followed by the 35-44 age group at 31%. The smallest gender gap exists in the 18-24 age bracket, where only a 2% difference separates male and female owners, indicating that younger generations see cryptocurrency as a viable financial tool across genders.
Cryptocurrency as a Payment Method
Digital currencies are increasingly viewed not only as investment assets but also as practical payment methods. According to Triple-A’s 2023 survey, 65% of respondents expressed interest in making payments with digital currencies, driven by crypto’s convenience and lower transaction fees compared to traditional payment systems. Notable insights from the survey include:
80% of respondents showed interest in using crypto for daily retail goods, such as groceries and personal care products.
70% were interested in crypto payments for travel and hospitality, including dining, hotel stays, and vacation packages.
45% expressed willingness to use crypto for large transactions like real estate and government services.
44% showed interest in using crypto for entertainment, covering sectors like online gaming and streaming services.
Consumers’ increasing interest in diverse categories underscores a potential for broader adoption of crypto payments in various sectors, from everyday shopping to significant investments.
Key Drivers of Crypto Adoption
Regulation and Consumer Protection: Regulatory frameworks in regions like Singapore and the European Union are establishing a safer environment for crypto transactions, enhancing consumer protection and security.
Bitcoin Halving Events: The April 2024 Bitcoin halving halved the reward for miners, impacting supply and sparking renewed interest and confidence among investors.
Inflation Hedge: In countries with high inflation, such as Argentina (249.8%) and Venezuela (100%), crypto offers an alternative to depreciating local currencies, helping users protect their assets.
Institutional Adoption: Increasing adoption by financial institutions is normalizing crypto use. Large banks and asset managers are incorporating crypto, which encourages broader acceptance.
Cross-Border Payments: Crypto's ability to facilitate fast, low-cost international transactions is especially appealing in regions where remittances are a financial lifeline.
The Case for Businesses
The rising interest in cryptocurrency payments provides a strategic opportunity for businesses to meet consumer demand and differentiate themselves in the market. Here are the key data points that highlight this trend:
55% of consumers would shop more often at online stores accepting crypto, suggesting increased engagement with crypto payment options.
56% of surveyed consumers prefer crypto-friendly merchants over those not accepting digital currencies, showing a clear competitive advantage.
43% would spend more at their favourite stores if crypto payment was an option, hinting at higher transaction values.
65% of respondents show general interest in paying with digital currencies, indicating strong consumer readiness for crypto.
80% want to use crypto for everyday items like groceries and personal care, pointing to demand in the retail sector.
70% are interested in using crypto for travel, hospitality, and leisure, showing appeal in sectors benefiting from borderless payments.
45% would consider crypto for high-value purchases, such as real estate and government services, signalling potential in luxury and large transactions.
These numbers underscore a clear message: businesses that adopt crypto payment options stand to gain a competitive edge, tap into a tech-savvy customer base, and offer a flexible payment method that appeals to a global audience interested in innovation and convenience.
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