Launched in 2009, Bitcoin has become the most worlds popular cryptocurrency. Due to its limited supply, its value has risen from just a couple of dollars to around $30,000 as of May 2022.
This value growth is attributed to the fact that there are only 21 million Bitcoins. While Bitcoin is a digital currency that can buy products and services, it is also very volatile. Many people see it not as a currency for making daily transactions, but as an investment.
How many people own Bitcoin?
Bitcoin wallets refer to a digital account that allows bitcoin owners to store, buy, exchange, send, and receive their cryptocurrencies. The number of wallets out there can show us the trading volume of cryptocurrencies.
According to Blockchain.com, as of May 2022, over 81 million people had unique Bitcoin wallets on the site, increasing by 34 million users compared to 2021.
In just one year, users had increased by 72%. That’s a whopping 237% increase as compared to 2018!
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How Many People Own Bitcoin? (data from blockchain.com)
How many people use Bitcoin daily?
As of 2021, there were 106 million bitcoin users. This indicates that interest in Bitcoin has been on an upward trend. But how many of these users transact using bitcoin every day?
The number of transactions reached its peak in January 2021, when there were over 400,000 daily transactions. But this number dropped to 289,000 in September 2021 and a maximum of 270,000 bitcoin transactions per day in June 2022.
In 2021, there was an increase in the number of people showing interest in Bitcoins, and the price increased to a high of $69,000 in September of that year.
Bitcoin has fallen to a low of $30,000 as of May 2022. As a result, the digital currency may have become less attractive to users, at least in the short term.
Who owns the most bitcoins?
Bitcoin was created by an anonymous user who goes by Satoshi Nakamoto’s synonym. Reports indicate that he mined 22,000 blocks that saw this entity receive 1.125 million bitcoins as block rewards for his contribution.
Nakamoto is the most significant Bitcoin holder, with bitcoins worth around thirty billion dollars in May 2022.
However, most Bitcoin owners aren’t ready to disclose their holdings for fear of tax authorities, hacking, and other risks.
While it’s possible to track Bitcoin flows using blockchains, the user’s identity also remains anonymous.
How a few people control Bitcoin
It’s also worth noting that out of the 19 million coins in circulation, 5 million are held in 10,000 accounts. 27% of the crypto supply is controlled by 0.01% of the holders. However, it’s not clear who these people are.
According to one study, only 33% of Bitcoin transactions are used for buying and selling. While there is an increase in the number of people using it in exchange for goods and services, it’s also an indication that most people buy cryptocurrency for speculation purposes.
Those who invested in Bitcoin early have reaped great returns. The digital currency reached a high of $68,990 in November 2021.
How many people have more than 1 Bitcoin?
According to BitInfoChart, there are 633,008 addresses that hold at least 1 Bitcoins making up around 2.18% of all Bitcoin addresses.
It’s also worth noting that some people or institutions may have more than one address. One person can also have more than one Bitcoin held in different wallets.
The future of Bitcoin in the next decade
The next decade will determine what happens to Bitcoin. Bitcoin is seen as a store of value rather than a currency for daily transactions. Most investors today buy Bitcoin to profit from its volatility.
Large banks are starting to take note of Bitcoin and offer auxiliary services. But there are governments, such as the Japanese, that have declared bitcoin to be a form of payment. The main challenge remains on security and scaling.
Goldman Sachs opened a desk for crypto trading, while BNY Mellon opened a crypto custody service. Financial forecasts indicate that the cryptocurrency market will reach USD 4.94 Billion by the end of 2030.
According to Citi, Bitcoin may be the future currency for international trade. International giants such as Tesla and Paypal are investing in cryptocurrencies.
The Citi report shows that there is still a lot of uncertainty about Bitcoin’s future. However, it’s heading towards mainstream acceptance.
When answering the question of how many people own Bitcoin, it is important to note that this number keeps rising.
Cryptocurrencies are moving towards mainstream acceptance. While there are still risks associated with Bitcoin, such as volatility of price, there is no doubt that Bitcoin will play a very significant role in the financial markets of the future.