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, a minuscule number of the world’s current inhabitants own Bitcoin, according to CoinMarketCap.
Are there specific reasons why this is happening? Or is there something going on in the cryptocurrency world that is contributing to this current trend?
Confusion about ‘ownership’ and ‘creation’
Before anyone can have access to any form of cryptocurrency online, a user must create their own online wallet for the specific cryptocurrency they want to invest with. It is the same case with Bitcoin, since specific blockchain wallets are created for BTC.
BTC wallet address data chart created as of Jan 2022, source: blockchain.com
Since January 2022, Blockchain.com, one of the world’s leading cryptocurrency blockchain hosting sites, has created and registered a total of 85 million unique BTC wallets with each other.
This is where potential confusion can occur for those unfamiliar with the difference between creating a cryptocurrency wallet and only owning certain amounts of cryptocurrency.
The sole ownership of the cryptocurrency itself (meaning they have at least 1 or more BTC in their wallet) is only 43 million worldwide, even though 46 million Americans have a stake in regards to it. investment in 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 power of cryptocurrencies and their market, a lack of confidence hinders their potential growth..
Due to the recent crypto market crash of 2022, many potential investors became paranoid about losing their money in an uncertain market right now.
Add in the fact that some other countries are not yet ready to fully adapt cryptocurrency into their economies. Some have even pushed for regulation against cryptocurrencies like India, where Reserve Bank of India (RBI) Governor Shaktikanta Das wants cryptocurrencies to be regulated if not banned in his country, since he sees it as another form of “game”.
He said on behalf of RBI that he does not consider cryptocurrency to be a viable financial product, according to India today.
Meanwhile, Bitcoin is trading at $20,883.57 up 23.1% over the past seven days, Coingecko data shows.
-Featured image courtesy of Nation of Change
This post Only 43.5 Million Own Cryptocurrency Globally, Study Shows
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