The global user base of cryptocurrencies increased by nearly 190 percent between 2018 and 2020, only to accelerate further in 2022. This is according to calculations from various sources, based on information from trading platforms and on-chain wallets. Increasing demographics might initially be attributed to a rise in the number of accounts and improvements in identification. In 2021, however, crypto adoption continued as companies like Tesla and Mastercard announced their interest in cryptocurrency. Consumers in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2022.

How many of these users have Bitcoin?

User figures for individual cryptocurrencies are unavailable. Bitcoin, for instance, was created not to be tracked by banks and governments. What comes closest is the trading volume of Bitcoin against domestic fiat currencies. The source assumed, however, that UK residents were the most likely to make Bitcoin transactions with British pounds. This assumption might not be accurate for popular fiat currencies worldwide. On top of that, coins such as Tether or Binance Coin - referred to as "stablecoins" - are often used to buy and sell Bitcoin. Those coins were not included in that particular statistic.

Wallet usage declined

Total crypto wallet downloads were significantly lower in 2022 than in 2021. The number of downloads of Coinbase, Blockchain.com, and MetaMask, among others, declined as the market hit a "crypto winter" over the year. The crypto market also suffered bad press when FTX - one of the largest crypto exchanges based on market share - collapsed in November 2022. Binance, on the other hand, regained some of the market share it had lost between September and October 2022, growing by 0.8 percentage points in November.

The number of people who either used or held a cryptocurrency in the United States was 5 million higher at the end of 2022 than in 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of people who use or hold crypto in the Netherlands grew by 200,000 between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

Crypto users in the UK grew by nearly 1.5 million between the fourth quarter of 2022 and the fourth quarter of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

In February 2021, there were approximately 3 million users for South Korean cryptocurrency apps. The figures have increased by approximately 190 percent within five months, showing a rapid growth in cryptocurrency app usage within a short period of time. Bitcoin and other cryptocurrencies are currently not considered legal tender or financial assets in South Korea, yet the South Korean crypto market has grown extensively in the last few years

The number of crypto users in France grew by almost 1.2 million users between the fourth quarter of 2022 and the fourth quarter of 2022. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of people who use or hold crypto in Brazil nearly doubled between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

Consumers from countries in Africa, Asia, and South America were most likely to be an owner of cryptocurrencies, such as Bitcoin, in 2024. This conclusion can be reached after combining 55 different surveys from the Statista's Consumer Insights over the course of that year. Nearly one out of three respondents to Statista's survey in Nigeria, for instance, mentioned they either owned or use a digital coin, rather than six out of 100 respondents in the United States. This is a significant change from a list that looks at the Bitcoin (BTC) trading volume in 44 countries: There, the United States and Russia were said to have traded the highest amounts of this particular virtual coin. Nevertheless, African and Latin American countries are noticeable entries in that list too. Daily use, or an investment tool? The survey asked whether consumers either owned or used cryptocurrencies but does not specify their exact use or purpose. Some countries, however, are more likely to use digital currencies on a day-to-day basis. Nigeria increasingly uses mobile money operations to either pay in stores or to send money to family and friends. Polish consumers could buy several types of products with a cryptocurrency in 2019. Opposed to this is the country of Vietnam: Here, the use of Bitcoin and other cryptocurrencies as a payment method is forbidden. Owning some form of cryptocurrency in Vietnam as an investment is allowed, however. Which countries are more likely to invest in cryptocurrencies? Professional investors looking for a cryptocurrency-themed ETF were more often found in Europe than in the United or China, according to a survey in early 2020. Most of the largest crypto hedge fund managers with a location in Europe in 2020, were either from the United Kingdom or Switzerland - the country with the highest cryptocurrency adoption rate in Europe according to Statista's Global Consumer Survey. Whether this had changed by 2021 was not yet clear.

Although a majority of U.S. adults in early 2021 was not interested in cryptocurrencies as a tool for investments, more people had become aware of them. The percentage of respondents who said in two surveys in 2021 and 2019 that they had not invested in digital currencies like Bitcoin or Ethereum, and were not going to, had remained the same. The respondents who said they had not heard of cryptocurrencies declined in this same period, however. This might have several causes, including the price increases of Bitcoin (BTC) in early 2021 or Tesla's growing involvement in cryptocurrencies. One other reason might be PayPal: the payment provider announced in October 2020 that it would be possible to buy virtual currencies using a PayPal wallet. By the end of 2020, Paypal had recorded its highes-ever total payment volume or TPV.

The number of people who use or hold crypto in Colombia grew by five million between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of people who use or hold crypto in Spain grew by half a million between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of crypto users in Italy increased by slightly over 10 percent between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of cryptocurrency holders and users in Canada increased by less than 100,000 people between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

The number of cryptocurrency holders and users in Germany increased by nearly 1.3 million between the end of 2022 and the end of 2021. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

Whilst the number of people who use or held crypto in Mexico in the fourth quarter of 2022 grew on an annual basis, it declined when compared to the third quarter. This is according to Statista estimates, compiled from various reports and research. The numbers provided are from Statista's Crypto pulse check, a quarterly report aimed at mapping out the size and characteristics of crypto markets in 50 different countries worldwide in a cross-comparable way. The anonymity behind cryptocurrencies – a key feature in their design – makes it difficult to find reliable data on a country-level. Consequently, data research on how many people worldwide use this new form of money is in its infancy. The numbers shown here should therefore be regarded as estimates.

In January 2021, Coinbase reached its highest ever number of daily active users (DAU) in the United States as the use of cryptocurrency apps grew. Now reaching over 600,000 DAUs, Coinbase had roughly 10 times more users than Blockchain Wallet. Noticeable, however, is the large increase in users among several applications that allow for either buying or storing Bitcoin: The app of Crypto.com saw its DAU double between December 2020 and January 2021, whereas Voyager's tripled within three months. Cryptocurrency interest grew during this same as the Bitcoin price surged to new heights in late 2020 and early 2021.

Cryptocurrency and the U.S.: the future or a hoax?

Bitcoin trading volume against 44 domestic currencies used for the transaction of the digital coin was the highest in the United States in 2020, potentially indicating the Bitcoin market in the country could be the largest worldwide. U.S. consumers, however, seem to have mixed feelings towards digital coins. In two surveys in 2021 and 2019 the number of respondents who said that they had not invested in digital currencies like Bitcoin or Ethereum, and were not going to, remained the same. Indeed, the United States ranked 42nd in a ranking of cryptocurrency ownership across 55 countries worldwide in 2020.

Is PayPal changing this situation?

A noticeable app not included in this overview is PayPal: The U.S. version of the mobile payments app offers the option for purchasing and storing various virtual currencies since October 2020. The DAU metric, however, does not allow for showing what potential impact this new feature had on the use of the PayPal app. The app already ranked as the most popular U.S. mobile payment app based on user experience in 2021. However, a successful application of crypto features in an app like this could make it easier for consumers in the United States to buy a cryptocurrency, potentially influencing the country's attitude towards cryptocurrencies.

Decentralized Finance users reached a peak of 7.5 million unique users in late 2021, whereas figures in 2023 are considerably lower. This according to a network crawling code that tries to measure the number of unique user addresses involved in buying or selling specific projects associated with DeFi. For example, the code lists data fetching commands associated with Uniswap and Aave — two DeFi protocols with a market cap that was higher than one billion U.S. dollars in March 2022. As Decentralized Finance — much like cryptocurrencies or NFTs — are not being tracked by an official government, these procedures try to measure "network activity". Such activity on the Ethereum blockchain/network, the most used blockchain for DeFi, or elsewhere — tend to be the only source of information on the market size of these topics. However, the source does acknowledge the numbers shown are not without their potential flaws. DeFi in 2023 is relatively small-scale Often remarked as a potential breakthrough trend for 2024, the TVL (total value locked) of DeFi in 2023 reveals a market that is much smaller than in 2021. The amount of money stored in Decentralized Finance was worth about 50 billion U.S. dollars by November 2023, compared to 175 billion U.S. dollars at the end of 2021. Two reasons can be named for this decline. First, the overall cryptocurrency markets has witnessed several dramatic moments. Prices declined after the crash of stablecoin LUNA, and the sudden collapse of crypto exchange FTX in 2022. In 2023, the United States government handed out one of its largest ever corporates fines to Binance — the world's largest crypto exchange. Second, analysts believe the high yield on U.S. Treasury bonds in 2023 when compared to DeFi yields negatively impacted the young industry — as these bonds pose lower risk than DeFi. DeFi use cases: Supporting crypto investments Decentralized Finance hopes to offer different digital financial services, which are run by a community in a so-called decentralized autonomous organization (DAO) away from banks or governments. These services can include asset management, money lending, or trading, potentially making it possible to offer services that traditional finance cannot do. By late 2023, however, DeFi focused on two main use cases: Liquid staking and money lending. These processes are there to support crypto investors, specifically. The market size of insurance within Decentralized Finance, for example, was much smaller in comparison.

As of February 2021, only around 24 percent of crypto traders on the South Korean cryptocurrency trading platform Coinone were women. All three South Korean crypto exchanges surveyed had more male investors than women.

Consumers from both the U.S. as well as Great Britain mentioned that supporting blockchain developments were not a major motivation to own cryptocurrency. Rather, the survey respondents were more motivated by growth prospects or to own digital currencies just for the fun of it. Plenty of cryptocurrencies witnessed significant price increase in 2021, with Bitcoin (BTC) naturally the coin that hit the news the most. The price of Ethereum (ETH) and the price of another popular cryptocurrency called Ripple (XRP), however, also grew substantially over the course of this time period.

As of May 2021, the total number of registered users of Upbit, Bithumb, Coinone, and Korbit, the four leading cryptocurrency exchanges in South Korea, amounted to around 5.87 million, a threefold increase in just four months. The rise of crypto investors has also led to a corresponding surge in the use of trading apps. Monthly active users (MAU) of Upbit, the largest crypto exchange in South Korea, have increased about tenfold compared to 2020.Cryptocurrency trading in South KoreaBitcoin and other cryptocurrencies are currently not considered legal tender or financial assets in South Korea, yet the South Korean crypto market has grown extensively in the last few years. The crypto boom in the first half of 2021 was particularly noticeable when the daily trading volume on South Korean crypto exchanges even exceeded the value of shares traded on the stock exchange. Investors in their twenties and thirties, who account for about 60 percent of all new crypto investors, are leading this trend.Investment objectives and methodsAccording to a survey conducted in 2021, most South Koreans had only recently started investing in cryptocurrencies. An overwhelming majority of investors preferred to invest in them directly, as it is possible to trade at the desired time and price. While many South Koreans consider their salaries insufficient to live on, one of the main motivations for investing was to prepare for and build up additional income for retirement.