Number of crypto users worldwide surpasses 600 million
Number of crypto users worldwide surpasses 600 million
The global number of cryptocurrency users has hit an unprecedented milestone, exceeding 600 million, according to the 2024 State of Crypto report from a16z Crypto. This significant increase reflects a broader trend of rising digital asset adoption, with monthly active addresses and mobile wallet users also reaching record highs.
The report reveals that in September 2024 alone, 220 million blockchain addresses were actively engaged in transactions, tripling in volume compared to 2023. This surge is led by blockchains like Solana, Coinbase’s Base network, and NEAR, which accounted for the highest activity levels. Despite the complexities of tracking exact user numbers due to account duplication, the global figure of 600 million crypto users underscores a growing mainstream acceptance of digital assets. Additionally, the number of mobile crypto wallet users reached 29 million in mid-2024, with the highest adoption levels in countries like the United States, Nigeria, India, and Argentina.
This growth is attributed to several factors, including the advent of decentralized finance (DeFi), the popularity of stablecoins, and the integration of blockchain infrastructure advancements. DeFi protocols and Layer-2 solutions such as Ethereum’s L2 networks have also reduced transaction costs, making crypto more accessible and affordable for everyday users. Notably, stablecoins have reached over $8.5 trillion in transaction volume, outpacing traditional payment services like Visa.
Crypto’s integration with emerging technologies such as AI and decentralized applications could further increase user adoption. With a strong user base now in place, the next challenge for the industry is activating passive users, who constitute a significant portion of the 600 million. Infrastructure upgrades and new applications promise to make digital currencies more appealing and practical for a wider audience, fueling projections of continued expansion.
As digital assets gain traction globally, analysts expect increasing engagement from regulatory bodies, especially with elections and legislative efforts shaping policies in major economies like the U.S. and the EU. This regulatory focus, coupled with ongoing tech improvements, positions crypto for even broader adoption and potential integration with mainstream financial systems.
