A recent report from investment giant BlackRock shows that crypto adoption has reached 300 million users in just 12 years. This growth is happening 43% faster than mobile phone adoption and 20% faster than the internet’s rise.
Crypto Adoption Soars, Driven by Younger Generations and Global Shifts
For context, it took mobile phones 21 years and the internet 15 years to reach 300 million users. BlackRock’s report attributes crypto’s rapid growth to several factors.
One key factor is demographic trends. Younger generations, especially “digital natives,” are more open to adopting crypto compared to older generations like Gen X and Baby Boomers. A report from Stilt confirms this, revealing that nearly 94% of crypto users are Gen Z and Millennials, with Gen Z users outnumbering Gen X by 3.5 times and Baby Boomers by 14.3 times. Millennials also outnumber Gen X and Boomers by large margins.
Supporting this, a survey by the US-based financial firm Empower found that 34% of Gen Z respondents preferred crypto over cash, the highest of any age group.
BlackRock also pointed to global changes like inflation fears, political conflicts, and concerns about traditional banking, which are pushing more investors toward crypto. Lastly, the ongoing digital transformation of the economy, along with improvements in digital asset infrastructure, is making it easier for people to access crypto and find new ways to use it.
Crypto Surge Driven by Institutional Adoption and Rising Interest in Emerging Markets
The recent surge in excitement in the crypto market began towards the end of 2024, fueled by growing acceptance and institutional adoption. Companies like MicroStrategy and states such as Texas, Florida, and Alabama are turning to Bitcoin as a way to protect against inflation and market volatility.
Also Read: What is Arbitrage in Crypto Market? How does it work?
As noted in our earlier article, some experts predict that Bitcoin users could reach five billion within the next decade. In addition, analysts at Galaxy expect that US-based Bitcoin Exchange-Traded Funds (ETFs) could manage over $250 billion in assets this year.
Interestingly, emerging markets like Nigeria, South Africa, the Philippines, India, and Indonesia are leading the way in crypto interest. As we mentioned in a previous update, 93% of people in Nigeria and 77% in South Africa are eager to invest in crypto this year.
In contrast, interest in crypto is lower in more developed countries. Only 15% of people in the UK and 41% in the US show strong interest in adopting crypto.
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
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