A new crypto report has disclosed that the number of people who own digital assets has surpassed 6.8%. This surge in adoption comes ahead of the highly anticipated crypto bull run, with many seeing cryptocurrencies as a valuable form of investment.
Crypto Adoption Skyrocket In 2024
On May 24, digital asset service provider Triple A released a report detailing the global adoption rates of cryptocurrencies globally, underscoring how much the industry has grown since 2023 and identifying countries that have the highest levels of crypto ownership.
According to Triple A, around 562 million people, equivalent to 6.8% of the global population, now own some type of digital asset in 2024. This massive surge indicates a 34% increase from 2023, which recorded a total of 420 digital asset owners.
The report underscored cryptocurrency ownership in different regions of the world, noting that countries like the United Arab Emirates (UAE), Singapore, Turkey, and Argentina held a significant amount of cryptocurrency owners.
Particularly, Triple A disclosed that among the top 30 economies with the highest cryptocurrency ownership rate, the UAE tops the chart with 25.3% ownership rates out of the 6.8% global rate, while Singapore goes in second with a 24.4% crypto ownership rate.
The report also emphasized that emerging markets like Turkey and Argentina, with their different economic standings, also have a significant percentage of crypto investors, as compared to smaller economies like Slovenia and Luxembourg.
Leading the global cryptocurrency ownership rate is the continent of Asia, which has grown to become a major hub for digital assets and innovative technologies. Asia currently accounts for more than half of the total 562 million cryptocurrency owners globally. In contrast, North America trails behind with approximately 72.2 million recorded cryptocurrency owners.
Asia has experienced a dramatic surge in cryptocurrency adoption over the years, with the number of crypto owners skyrocketing from 268.2 million crypto investors to 326.8 million in 2024. This significant increase highlights the continent’s growing acceptance of digital currencies, underscoring its commitment towards embracing digital innovation.
Factors Driving Global Crypto Adoption
Factors such as the upcoming crypto bull run, regulatory changes and media sensation have been driving the adoption of cryptocurrencies in different regions. Triple A report reveals that 2024 brought in clearer digital asset regulations which transformed the cryptocurrency industry from a niche market to a dominant player in the financial sector.
The upcoming crypto bull run has been one of the leading drivers of crypto adoption globally, triggering Fear Of Missing Out (FOMO) from curious investors as it offers a chance for them to potentially make huge gains from a legitimate investment bracket. According to various analysts, the 2024 crypto bull run is set to become the largest ever seen, spurred on 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 bolstered the confidence of investors, paving the way for the discovery of new investment products like Spot Bitcoin ETFs.
Events like the Bitcoin halving on April 20, 2024, have effectively sparked market activities, with many predicting cryptocurrencies to embark on a major rally before the end of 2024.
Moreover, educational resources like the Binance Academy, Coinbase Institute and Crypto.com University have been effectively exposing the younger generations to cryptocurrencies, enlightening them on this innovative financial technology and the investment opportunities within the industry.