Of the 8 billion people living on this planet, only 43 million people own Bitcoin – that’s less than 1% of the population.
Despite the cryptocurrency’s success, a minuscule amount of the world’s population currently owns Bitcoin, according to CoinMarketCap.
Is there a specific reason why this is happening? Or is something happening in the cryptocurrency world that is contributing to the current trend?
Confusion About ‘Ownership’ And ‘Creation’
Before anyone can gain access to any digital currency online, users must create their own online wallet for the specific cryptocurrency they wish to invest in. The same is the case with Bitcoin, because a special blockchain wallet is created for BTC.
Data chart of BTC wallet address created as of Jan. 2022, source: Blockchain.com
As of January 2022, a total of 85 million unique BTC wallets have been created and recorded by Blockchain.com, one of the world’s leading cryptocurrency blockchain hosting sites.
This is where there may be some confusion for those who don’t know the difference between creating a cryptocurrency wallet versus having a certain amount of cryptocurrency.
The unique ownership of the cryptocurrency itself (meaning having at least 1 or more BTC in their wallet) is only 43 million worldwide, although 46 million Americans have a stake when it comes to BTC investment, according to ExplodingTopics.com.
Current data on Bitcoin (BTC) ownership, source: CoinMarketCap
Lack Of Confidence In The Crypto Market Right Now
Although an increasing number of people around the world (especially in prominent countries such as the United States) are more interested in the potential power of cryptocurrency and the market, the lack of trust hinders the potential development..
Due to the recent crypto market crash in 2022, many potential investors are paranoid about losing money in today’s uncertain market.
Add to that the fact that some other countries are not yet ready to fully adapt cryptocurrency in their economy. Some have even pushed for regulation against cryptocurrency like India, where Reserve Bank of India (RBI) governor Shaktikanta Das want cryptocurrency to be regulated if not banned in that country, as he sees it as another form of “gambling.”
He stated on behalf of RBI that it does not consider cryptocurrency as a viable financial product, accordingly India Today.
Meanwhile, Bitcoin is trading at $20,883.57 up 23.1% in the last seven days, data by Coingecko shows.
-Image courtesy of Nation of Change