Quick Answer 🔍How many people own Bitcoin in 2023?
There are currently more than 180 million Bitcoin users.
Bitcoin is a wildly popular form of digital currency called cryptocurrency, or crypto.
Bitcoin was launched in 2009 and has become the world’s most popular and well-known form of cryptocurrency.
In this article, we intend to answer, “How many people own Bitcoin?” We will also address relevant data related to Bitcoin and its popularity.
Cryptocurrency exists in the digital realm making Bitcoin an easy asset to send all over the globe without using a bank.
One of the appealing things about Bitcoin is that it doesn’t require a bank to buy, sell, or otherwise trade it.
You won’t pay the exchange fees that banks charge for transferring money to and fro with digital coins.
Digital assets like Bitcoin drive peer-to-peer transactions in the financial sector.
Not only do you not need a bank to deal in Bitcoin, but it’s decentralized, which means it isn’t under any organizational or governmental control.
The only real downside to Bitcoin and its counterparts in the crypto market is volatility. The market fluctuates quickly with sudden gains and losses.
Professional crypto investors still claim that buying Bitcoin and keeping it will give you big returns over time.
There is some debate about how digital assets work and their viability, but as we have watched Bitcoin grow, we see it’s viable, even if it’s also volatile.
That said, let’s take a peek into Bitcoin it’s users in 2023.
How Many People Own Bitcoin in 2023?
According to the most recent reports, there are currently more than 180 million Bitcoin users in 2022.
Recent data also suggests the exact figures about Bitcoin ownership is unknown because not everyone who owns Bitcoin also uses a non-custodial wallet.
It’s believed that Satoshi Nakamoto, cryptocurrency creator, owns at least 1 million Bitcoins, which translates into around $40 to $60 billion in U.S. dollars.
Keep in mind that an individual can own more than one Bitcoin wallet.
Many professional and intermediate crypto traders use one to store it and one for trading. It’s thought to provide an extra layer of security.
It’s been estimated that between 2018 and 2020, the global cryptocurrency market itself has grown by almost 190%.
This is a good estimate since nowadays wallets, or exchanges, are now systematically linked to a person’s identity. This makes it a bit easier to estimate users with various types of digital assets.
Financial analysts think that the global blockchain market itself will increase by $39.17 billion in U.S. dollars by 2025.
How Many People Own Bitcoin Worldwide?
The worldwide number of cryptocurrency users is estimated at 1 billion. This isn’t an exclusive number to Bitcoin, but it does include Bitcoin users.
Crypto seems to be popular in only certain countries.
Not all countries or regions have jumped on the crypto bandwagon, but in Africa, South America, and Asia, it’s wildly popular and widely used.
While it’s used and traded in Australia, North America, and Europe, it’s not as popular as the above countries.
Other countries that fall into the category of top-investing cryptocurrency countries include Vietnam, The Philippines, Turkey, and Peru.
Americans seem to be jumping into this financial market more and more. In 2020, only 6% of Americans owned or used Bitcoin or other cryptos.
However, in 2021, 22% of the total American adult population owned shares of Bitcoin. In numbers, that statistic comes to 46 million adult Americans.
How Many People Use Bitcoin Daily?
The daily numbers fluctuate in cryptocurrency usage, so its value isn’t the only thing that’s volatile.
The most current information related to daily use of Bitcoin shows that there are over 270,000 confirmed Bitcoin transactions made every day.
That’s no small amount of usage in the digital asset realm.
Some unusual activity was reported between January 2021 and September 2021.
Daily Bitcoin transactions soared to over 400,000 in January 2021, but then dropped in September 2021 to 289,000.
Even though that is around 17% lower than the previous year, it’s still 31% higher than a day in that same week.
The percentage of people in the US who have ever heard of Bitcoin is 89%.
Among this percentage, 13% claimed they had already invested in cryptocurrency and 27% claimed they would consider it.
Which Countries Banned Bitcoin Usage?
As we mentioned before, not all countries or regions have accepted or allowed the usage of Bitcoin.
Since Bitcoin is not subject to government regulation, some countries have banned its usage at different times, or they have warned Bitcoin users about exchanging in the market.
Here is a list of countries that have ever banned Bitcoin, or that have placed restrictions on its usage.
In Bolivia, the central bank in this country banned Bitcoin and the use of any other cryptocurrencies.
In China, cryptocurrency exchanges have been banned. Also, financial institutions and banks are prohibited from dealing in or trading Bitcoin.
Columbia simply banned any use or investing in Bitcoin.
In 2014, The National Assembly of Ecuador banned Bitcoin along with all other cryptos. However, this region decided to establish its own digital monetary system and created guidelines for it.
Russia currently has no specific law against crypto, but they have established warnings regarding money laundering and terrorist financing associated with cryptocurrency.
By that, they are issuing warnings for how it is used.
It’s odd that Bitcoin and crypto are so popular in Vietnam, yet the government refuses to accept it as any form of legal tender. That said, the government is not currently regulating Bitcoin as an investment.
You can see that not all of these countries are outright making Bitcoin illegal, but they are restricting its use as a form of legal currency.
Even with restrictions, how many people use Bitcoin in Vietnam is still substantial.
Where is Bitcoin Accepted as Legal Tender?
The first and only country to make Bitcoin a legal tender is El Salvador in 2021.
Even if it’s not fully accepted as legal tender, it’s still freely used as a payment method under certain circumstances.
The United States
In the US, Bitcoin is considered a “money services business” that is subject to record-keeping and registration under the Bank Secrecy Act.
Also, the IRS considers it taxable income. Currently, the percentage for how many people own Bitcoin in the US is over 40%.
Canada takes a similar stance to Bitcoin as the US. It’s considered a money service, not a currency. All Bitcoin transactions fall under the concept of barter transactions.
All income generated from cryptocurrency is categorized as business income.
Australia doesn’t consider Bitcoin as a currency, but it does classify it as an asset for capital gains tax.
The European Union
As far as the EU is concerned, the buying and selling of digital assets is a supply of services and is exempt from value-added taxation.
On the other hand, the United Kingdom, an individual nation, has created specific tax regulations with regard to Bitcoin.
Is Cryptocurrency Safe?
If you do invest, buy, sell, and trade in Bitcoin or other cryptocurrencies, you do need to know the risks.
Keep in mind that crypto is not entirely safe as an investment, but it’s also a volatile market.
Based on the growth of Bitcoin since 2009, there is little chance of cryptocurrency dying any time soon.
If anything, Bitcoin and cryptocurrencies are on the rise. This type of currency is likely to stick around for the long haul.
Some of the risks, however, are as follows:
Crypto exchanges are vulnerable to cyberattacks.
The competition is fierce in the blockchain world.
Products that are based on innovative technologies often have innate volatilities.
The future of crypto could be in danger of regulations across governments if they see it as a threat to the control of their currency.
Unfortunately, exchanges are more prone to cyberattacks than stock exchanges.
While new tech and options are being developed all the time, it’s still challenging to safely store crypto.
Wrapping up this resource on Bitcoin users, we have answered the main query to the best of our ability since the data on Bitcoin ownership is sparse.
The best we can do right now is to go with expert analyses and small data samples.
However, with digital wallets and safer Bitcoin storage options forthcoming, it may become easier to estimate Bitcoin ownership numbers.
The biggest reason it’s not possible to get an exact number of Bitcoin users is that some people have more than one wallet.
The idea behind having more than one wallet is to use one for storing digital assets and the other for trading.
Now that you know where Bitcoin is legal, where it’s not, and how it’s regulated in certain countries, how do you see the crypto market going forward?