A new crypto report has revealed that the number of people who own digital assets exceeded 6.8%. This increase in adoption comes ahead of the highly anticipated crypto bull runmany viewing cryptocurrencies as a valuable form of investment.
Crypto adoption soars in 2024
On May 24, digital asset service provider Triple A published a report detailing the global adoption rates of cryptocurrencies globally, highlighting how much the industry has grown since 2023 and identifying the countries that have the highest levels of cryptocurrency ownership.
According to Triple A, approximately 562 million people, or 6.8% of the world’s population, now own some type of digital asset in 2024. This massive increase indicates a 34% increase from 2023, which saw a total of 420 digital asset owners.
The report highlights the ownership of cryptocurrencies in different regions around the world, noting that countries like United Arab Emirates (UNITED ARAB EMIRATES), SingaporeTurkey and Argentina had a significant number of cryptocurrency owners.
In particular, Triple A revealed that among the 30 economies with the highest cryptocurrency ownership rate, the UAE leads the ranking with 25.3% ownership rate out of the global rate of 6, 8%, while Singapore comes second with 24.4%. cryptocurrency ownership rate.
The report also highlights that emerging markets like Turkey and Argentina, with their different economic situations, also have a significant percentage of crypto investors, compared to smaller economies like Slovenia and Luxembourg.
The continent of Asia, which has become a major hub for digital assets and innovative technologies. Asia currently accounts for more than half of the world’s 562 million cryptocurrency owners. In contrast, North America lags behind with around 72.2 million people registered. owners of cryptocurrencies.
Asia has experienced a dramatic increase in adoption of cryptocurrencies over the years, the number of cryptocurrency owners has increased from 268.2 million cryptocurrency investors to 326.8 million in 2024. This significant increase highlights the growing acceptance of digital currencies by the continent, highlighting its commitment to embracing digital innovation.
Factors Driving Global Crypto Adoption
Factors such as the upcoming crypto bull run, regulatory changes, and media sensation have driven the adoption of cryptocurrencies in different regions. The Triple A report reveals that 2024 ushered in clearer regulation on digital assets, which transformed the cryptocurrency industry from a niche market to a dominant player in the financial sector.
The upcoming crypto bull run was one of the main drivers of crypto adoption globally, sparking Fear of missing out (FOMO) to curious investors because it offers them the opportunity to potentially make huge gains in a legitimate investment bracket. According to various analysts, the 2024 cryptocurrency bull run is poised to become the the biggest ever seenboosted by the launch of Spot Bitcoin ETFs and the recent approval of Spot Ethereum ETFs.
Additionally, Triple A’s report noted that regulatory changes have effectively boosted investor confidence, paving the way for the discovery of new investment products such as Spot Bitcoin ETFs.
Events like the Bitcoin halved on April 20, 2024, have effectively triggered market activity, with many predicting that cryptocurrencies will embark on a major rally before the end of 2024.
Moreover, Educational resources like Binance Academy, Coinbase Institute and Crypto.com University have effectively exposed younger generations to cryptocurrencies, enlightening them about this innovative financial technology and the investment opportunities within the sector.
Featured image created with Dall.E, chart from Tradingview.com
