How Many People Use Bitcoin in 2024? (Latest Figures)
Hey there! If you‘re curious about the latest data on global Bitcoin adoption and usage in 2024, you‘ve come to the right place. As an experienced tech professional deeply involved in the crypto space, I‘m excited to provide you with a comprehensive overview.
Quick Answer🔍
Current estimates show there are over 180 million Bitcoin users worldwide, with around 400,000 active daily users. However, calculating precise figures is tricky due to users having multiple wallets and addresses.
Let‘s dive in and explore where Bitcoin is popular globally, demographics of who owns and uses it, and more key statistics you need to know in 2024!
A Brief History
First, some quick background. Bitcoin was created in 2009 as the world‘s first decentralized digital currency by the still unidentified Satoshi Nakamoto. In the 14 years since, it has grown to become the most widely used and recognized cryptocurrency globally.
When Bitcoin first launched, adoption was concentrated in developed, English-speaking countries like the U.S., Canada, Australia, and the U.K. However, over the last decade we‘ve seen explosive growth in emerging markets, especially across Asia, South America, and Africa.
While Bitcoin is widely used in countries like Russia and Ukraine, strict government regulations prevent broader adoption beyond exchanges due to concerns around potential fraud and tax evasion.
Now, let‘s explore some of the places worldwide where Bitcoin and cryptocurrencies have really taken off.
Hotspots Where Crypto Reigns
Miami, Florida
Nicknamed the "Crypto Capital of the World,” Miami is a major hub with around 48 merchants accepting Bitcoin payments. The city also has a staggering 651 Bitcoin ATMs and tellers to exchange fiat currency for crypto. Miami hosts the huge Miami Bitcoin Conference, one of the longest-running and largest crypto conventions globally.
New York City, New York
As a massive finance and tech hub, New York City is home to Wall Street and a hotbed of crypto startup activity. About 36 merchants in NYC accept Bitcoin, and the city hosts major annual conferences like Consensus.
San Francisco, California
As the tech capital of America, San Francisco is home to major crypto exchanges like Kraken and Coinbase. Over 100 merchants in the city accept Bitcoin, including cafes, hotels, restaurants, and more. There are also 437 Bitcoin ATMs across the Bay Area, with 65 in S.F. proper.
Fun fact: Coinbase and Kraken are valued at $8 billion and $4 billion respectively, and collectively employ over 3,000 people in San Francisco to help fuel mainstream crypto adoption.
Portsmouth, New Hampshire
Dubbed "Bitcoin Village," Portsmouth has a vibrant local crypto community. Around 12 businesses accept cryptocurrency payments, and there are 21 Bitcoin ATMs in the small city and surrounding towns. The famous Free State Bitcoin Shoppe was the first brick-and-mortar establishment in the world to exclusively accept crypto!
Vancouver, Canada
Vancouver has embraced digital currencies through progressive regulations. More than 50 merchants accept Bitcoin payments, and there are 221 Bitcoin buying locations, including the world‘s first ever Bitcoin ATM at Waves Coffee House installed back in 2013.
Amsterdam, Netherlands
As the home to Bitfury and BitPay‘s headquarters, Amsterdam has become a Bitcoin hotspot with over 40 merchants accepting it. These include coffee shops, bike repair stores, hair salons, restaurants, and more. Nearby cities like Rotterdam, The Hague, and Utrecht also have dozens of crypto-friendly retailers.
Ljubljana, Slovenia
The picturesque capital and largest city of Slovenia, Ljubljana is the home of Btstamp, founded by Slovenians in 2011 before relocating to London and Luxembourg. There are 11 Bitcoin ATMs across the city and about 200 merchants reportedly accepting crypto.
Tel Aviv, Israel
As a major emerging tech hub, Tel Aviv is home to dozens of Bitcoin and blockchain startups. There are currently 19 merchants accepting Bitcoin and 7 Bitcoin ATMs in the Israeli city. It‘s also home to the world‘s most active Bitcoin meetup group with over 4,000 members.
London, England
London is another European financial center that has embraced crypto. It‘s home to over 50 Bitcoin ATMs and a similar number of merchants accepting Bitcoin across the city. London houses Coinfloor, one of the oldest crypto exchanges in the U.K., founded in 2013.
El Zonte, El Salvador
A small beach town in El Salvador, El Zonte is working to rebrand itself as “Bitcoin Beach” after becoming one of the world‘s first Bitcoin-centered economies. In 2021, the country adopted Bitcoin as legal tender nationwide.
Bitcoin User Demographics
Now that we‘ve explored where crypto adoption is highest globally, let‘s examine who is actually using Bitcoin.
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Gender: Men make up an estimated 79% of all cryptocurrency users, though the male-to-female ratio has balanced slightly in recent years.
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Age: Crypto ownership skews young, with 53% of owners below age 35 globally. Millennials and Gen Z show the highest interest and adoption rates.
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Income: 36% of Bitcoin users have an annual individual income over $100k. 80% of owners have a college degree, likely correlated to higher earnings.
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Location: Nigeria, Vietnam, and the Philippines have the highest ownership rates at 32%, 21% and 20% respectively. In the U.S., 43% of adults 18-29 have used cryptocurrencies.
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Businesses: Approximately 32% of small businesses in the United States reported accepting cryptocurrencies as payment. This is expected to rise as crypto becomes more mainstream.
In summary, the typical Bitcoin owner is most likely a millennial or Gen Z man with a high income and college degree. However, crypto demographics are gradually diversifying as adoption spreads.
Bitcoin Ownership Distribution
It’s estimated that over 300,000 Bitcoin addresses hold at least $10 worth of Bitcoin. Around 20% of the limited 21 million total Bitcoin supply has been lost forever due to forgotten keys or passwords.
Surprisingly, fewer than 1% of Bitcoin owners control a staggering one-third of the total circulating supply, according to recent data.
10% of addresses control 87% of all Bitcoin, showing that ownership is heavily concentrated among a small group of "whales.”
Many of these large holders are exchanges, funds, or high net worth individuals who invested in Bitcoin‘s early days.
The Gini coefficient, a measure of wealth distribution, is an extremely high 0.88 for Bitcoin – much higher wealth concentration than most real-world assets.
Closing Thoughts
Well, there you have it! I hope this overview has given you a comprehensive picture of Bitcoin adoption and usage globally in 2024.
To recap, Bitcoin now has over 180 million users worldwide spread across both developed and emerging markets. Ownership is concentrated among young, affluent men but is diversifying over time. And certain global cities have emerged as crypto hotspots where Bitcoin is widely accepted.
But keep in mind, cryptocurrency is still in its early innings. As blockchain technology and Web3 continue maturing, we can expect Bitcoin’s demographics and geographic footprints to rapidly evolve and expand in the coming years.
Whether you‘re an investor looking to enter the market or just want to learn more, I hope these statistics provide valuable guidance on the current state of the world‘s top cryptocurrency. Let me know if you have any other Bitcoin-related questions!
Sources:
Chainalysis Crypto Adoption Index
TripleA 2021 Global Crypto Owners Research
Statista Consumer Survey, August 2021
Cambridge Bitcoin Electricity Consumption Index
Glassnode Bitcoin Supply Distribution
BuyBitcoinWorldwide Bitcoin Demographics and User Statistics
Fortune, January 2022
Cointelegraph Research Report, June 2022
