Number of Crypto Owners Globally Reached 580 Million in 2023, Report Shows

Number of Crypto Owners Globally Reached 580 Million in 2023, Report Shows

The number of global crypto owners surged 34% in 2023, reaching 580 million by December, a new report shows. In particular, bitcoin ownership surged 33% while Ethereum saw an even steeper rise of 39%. The report pinpoints the approval of spot bitcoin exchange-traded funds (ETFs) and the Bitcoin Ordinals protocol as key drivers of bitcoin adoption growth, alongside strong institutional interest.

Number of Global Cryptocurrency Owners Jumped 34% in 2023

Crypto trading platform Crypto.com published its annual Crypto Market Sizing Report on Monday. The firm explained that the number of crypto owners globally has notably risen despite several macro headwinds, including monetary tightening by Western central banks to curb inflation, ongoing conflicts in Europe and the Middle East, and the pandemic’s lingering impacts. Crypto.com detailed:

Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December.

Specifically, “Bitcoin (BTC) owners grew by 33%, from 222 million in January to 296 million in December, accounting for 51% of global owners” and “Ethereum (ETH) owners grew by 39%, from 89 million in January to 124 million in December, accounting for 21% of global owners,” the report states.

“The main catalyst behind BTC’s adoption growth was the development in bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol, which enabled non-fungible tokens (NFTs) and fungible tokens to be minted on the Bitcoin network,” the report explains.

Crypto.com further pointed out:

Strong interest from institutional investors also contributed to the increase in BTC’s adoption.

Regarding Ethereum, the report notes that “ETH’s adoption growth was mainly driven by liquid staking after Ethereum’s Shanghai Upgrade, which allowed the withdrawals of staked ETH after the transition to the Proof of Stake (PoS) blockchain.”

The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10, including one from Grayscale, which converted its bitcoin trust (GBTC) into an ETF. Since launch, Grayscale has seen major outflows while several other spot bitcoin ETFs, particularly Blackrock’s Ishares Bitcoin Trust, have seen significant inflows.

What do you think about the number of crypto owners globally? Let us know in the comments section below.

Kevin Helms

Kevin Helms

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