Global Crypto Adoption in 2024

Global crypto adoption grew by 13% in 2024, with Bitcoin and Ethereum adoption rising by 13.1% and 13.6%, respectively.

According to the annual Crypto Market Sizing Report by Crypto.com, global crypto adoption, measured by ownership of crypto assets, increased from 583 million owners in January 2024 to 659 million by December.

Bitcoin and Ethereum Ownership

Bitcoin (BTC) ownership expanded at a rate of 13.1%, reaching 337 million owners, accounting for 51.2% of all global crypto holders.

Ethereum (ETH) grew by 13.6%, bringing the total number of ETH owners to 142 million, representing 21.7% of global crypto ownership.

Institutional Interest and ETFs

A potential additional 300,000 to 1.2 million people may have gained exposure to Bitcoin through U.S. spot exchange-traded funds, although these figures were not included in the direct ownership count.

Institutional interest and pro-crypto policies, particularly those introduced by U.S. President Donald Trump during the election, were key drivers of Bitcoin’s adoption. Ethereum’s growth was supported by rallies in Ethereum Layer-2 networks after the Dencun upgrade and the launch of spot Ethereum ETFs.

Comparative Adoption Rates

A recent study by BlackRock showed that crypto adoption outpaced that of mobile phones by 43% and the internet by 20%. It took only 12 years for crypto adoption to reach 300 million users, while mobile phones needed 21 years and the internet 15 years. The study attributed this rapid growth to demographic trends, especially the younger generations’ openness to Bitcoin compared to Gen X and Baby Boomers.

Adoption by Country

While the Crypto.com report focused on Bitcoin and Ethereum ownership, the Dec. 2024 report by TRM Labs analyzed adoption by country. They tracked cryptocurrency inflows through exchanges, DeFi platforms, and payment services using on-chain transaction data and web traffic patterns. The data was adjusted based on GDP per capita, ranking the countries by adjusted on-chain transaction volume.

India, Indonesia, Nigeria, United States, and Vietnam emerged as the top five countries leading crypto adoption in 2024. Kenya saw the most significant growth, moving from 32nd place in 2023 to 17th in 2024, with its crypto transaction volume doubling year over year.

Conclusion

Mass crypto adoption requires transparency and education.