The Growth of Cryptocurrency Users from 2020 to Present
The adoption of cryptocurrency has experienced significant growth since 2020, driven by increasing public interest, institutional adoption, and technological advancements.
In 2020, the global pandemic accelerated digital transformation, prompting individuals and businesses to seek alternative financial systems. Bitcoin, the flagship cryptocurrency, witnessed a surge in value, attracting retail investors and paving the way for broader awareness. The number of cryptocurrency users worldwide was estimated at around 100 million by the end of 2020.
By 2021, cryptocurrency entered mainstream discussions, driven by the bull market and growing interest in decentralized finance (DeFi) and non-fungeable tokens (NFTs). Major companies such as Tesla and MicroStrategy invested heavily in Bitcoin, while platforms like Coinbase went public, signaling increased legitimacy. According to a report by Crypto(dot)com, the number of crypto users doubled to 221 million within the first half of 2021.
The year 2022 was marked by volatility, including the collapse of major platforms like FTX and Terra Luna, which caused temporary declines in user trust. Despite these setbacks, global crypto adoption remained resilient, particularly in developing countries where digital assets offered financial inclusion and alternatives to unstable local currencies.
In 2023 and 2024, technological developments, such as the growth of Ethereum's Layer-2 solutions and innovations in Web3, continued to attract both retail and institutional investors. Regulatory clarity in several countries, coupled with increasing integration of blockchain technology into traditional finance, has further solidified cryptocurrency's role in the global economy. By early 2024, the number of global crypto users surpassed 400 million, reflecting sustained adoption.