Bitcoin Disciples: Only 43.5 million own crypto globally, study shows

Of the 8 billion people living on the planet, only 43 million own bitcoin – which is less than 1% of the population.

Despite the success of the cryptocurrency, very few of the world’s current population own Bitcoin, according to CoinMarketCap.

Are there specific reasons for this to happen? Or is there something going on in the cryptocurrency world that is contributing to this current trend?

Confusion about “property” and “creation”

Before anyone can access any form of digital currency online, the user must create their own online wallet for the specific cryptocurrency they wish to invest in. It is the same case with Bitcoin, where specific blockchain wallets are created for BTC.

Data chart of BTC wallet address created as of Jan. 2022, source: Blockchain.com

As of January 2022, a total of 85 million unique BTC wallets apart have been created by Blockchain.com, one of the world’s leading blockchain hosting sites.

This is where potential confusion may arise for those who are unfamiliar with the difference between building a cryptocurrency wallet versus uniquely owning certain amounts of cryptocurrency.

Unique ownership of the cryptocurrency itself (meaning they have at least 1 BTC or more in their wallet) is only 43 million worldwide, although 46 million Americans have a stake when it comes to investing BTC, according to ExplodingTopics.com.

Current data on Bitcoin (BTC) ownership, source: CoinMarketCap

Lack of confidence in the current crypto market

Although a growing number of people around the world (especially in prominent countries like the United States) are becoming more interested in the potential and market power of cryptocurrency, the lack of trust hinders its potential growth..

Due to the recent crash of the cryptocurrency market in 2022, many potential investors are becoming paranoid about losing their money in an uncertain market at the moment.

Add the fact that some other countries are not yet ready to fully adapt cryptocurrency in their economies. Some have even pushed for regulations against cryptocurrencies such as India’s Reserve Bank of India (RBI) Governor Shaktikanta Das. He wants cryptocurrency to be regulated if not banned In their country, where he sees it as another form of “gambling”.

He stated on behalf of the Reserve Bank of India (RBI) that he does not consider cryptocurrency a viable financial product, according to the India today.

Meanwhile, bitcoin is trading at $20,883.57, up 23.1% in the past seven days, according to Coingecko data.

A distinctive image provided by the Nation of Change