Cryptocurrency ownership around the world has seen rapid growth in recent years, with an estimated 420 million cryptocurrency users worldwide in 2023. This figure represents a significant increase from previous estimates, which were around 200 million in 2020.
Additionally, the rate of cryptocurrency ownership is also on the rise, with a global average of 4.2%. This figure is also increasing from previous estimates, which were at 1.9% in 2020.
The growth of cryptocurrency ownership is partly due to the increasing adoption of blockchain technology, which underpins cryptocurrencies. Blockchain is a decentralized and secure technology that allows for transparent and immutable storage and transfer of data. Cryptocurrencies, as a form of digital currency based on blockchain technology, are seen as a potential alternative to traditional financial systems.
Furthermore, the volatility of traditional financial markets and central bank monetary policies have also led many investors to seek out alternative investments. Cryptocurrencies have been seen as an attractive asset due to their potential high volatility and high potential gains.
However, cryptocurrency ownership remains a controversial and often discussed topic. Critics point out that cryptocurrencies can be used for illicit purposes such as money laundering and terrorism financing, and that their volatility can lead to significant financial losses for investors.
Furthermore, cryptocurrency regulation is still developing in many countries, which can lead to legal uncertainty for cryptocurrency holders. Some countries have banned cryptocurrencies, while others have put in place strict regulations for their use and ownership.
