Crypto adoption beats mobile phones by 43% and Internet by 20%, reports BlackRock

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The user base for cryptocurrencies has grown to approximately 300 million people, which is almost twice as fast as the internet and three times faster than the global smartphone market. What key elements could be driving this swift growth?

A recent study by BlackRock reveals that it took only 12 years for cryptocurrency adoption to reach 300 million users worldwide, which is approximately 43% faster than the rate at which mobile phones were adopted and about 20% quicker than the internet. To put this into perspective, mobile phones needed 21 years before they had 300 million users, while the internet achieved that milestone in just 15 years.

According to a worldwide financial company’s statement in their report, the surge in Bitcoin (BTC) acceptance is largely driven by demographic factors like “digital natives.” This term refers to younger generations who are more receptive towards adopting Bitcoin compared to Generation X and Baby Boomers.

In a study conducted by Empower, a financial services company in the U.S., data from 1,009 American participants was analyzed. This research aligns with BlackRock’s perspectives. Notably, among all age groups, Gen Z showed the highest preference for cryptocurrencies over cash, with 34% of respondents favoring digital currencies.

To add on, as per Stilt, a resource hub for financial services catering to immigrants, an overwhelming majority of about 94% of cryptocurrency buyers fall within the Gen Z and Millennial age bracket, with only around 6% belonging to ages above 40.

Looking at each group individually, Gen Z buyers significantly surpass Gen X by a ratio of about 3.5 to 1, and outnumber Baby Boomers by approximately 14.3. On the other hand, Millennials overshadow Gen X by a staggering 15.5 times and Baby Boomers by an impressive 62.9 times—indicating that the crypto market is largely controlled by younger generations.

Various significant economic changes, such as concerns about inflation, increasing global political discord, and rapid technological advancements in the banking industry, have additionally fueled the accelerated growth of Bitcoin (BTC) and cryptocurrencies at a pace quicker than that of other industries.

Is the golden era for crypto adoption ahead? 

Analysts at BlackRock aren’t the only ones anticipating a robust future for the cryptocurrency market. As per Galaxy’s predictions, analysts foresee that U.S. Bitcoin exchange-traded products (ETPs) could amass over $250 billion in managed assets by 2025. This growth signifies significant institutional investment in the crypto industry.

The surge in cryptocurrency can be attributed to the election of Donald Trump as President, whose recognition as Time’s Person of the Year in 2024 played a significant role in this growth.

Breaking News: It’s anticipated that, upon taking office, Donald Trump will sign orders concerning Bitcoin and cryptocurrencies – according to The Washington Post.

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2025

It’s anticipated that Trump might issue executive orders concerning cryptocurrency on his inaugural day, according to the Washington Post. Given his vocal support for the crypto sector, it seems the influence of his views is gradually impacting the crypto industry.

In simpler terms, the court ruled in favor of Coinbase partially on January 14, stating that the U.S. Securities and Exchanges Commission’s denial of their petition about cryptocurrency regulations in 2022 was unjustified and illogical. This means the SEC must now explain their stance on the matter.

In simpler terms, this small victory could mean that the tight regulation surrounding cryptocurrencies might gradually relax, potentially leading to wider acceptance in mainstream society.

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2025-01-14 11:10