Crypto Leads Adoption Over Internet by 20%

Adoption of cryptos has reached 300 million users, almost twice as fast as the internet and three times as fast as mobile phones. What are the factors behind this rapid adoption?

According to a recent study by BlackRock, global crypto adoption reached 300 million users in just 12 years; This is about 43% faster than mobile phone adoption and about 20% faster than the internet. By comparison, it took 21 years for mobile phones to reach the 300 million mark, while the internet took 15 years to reach this milestone.

Cryptocurrency adoption has surpassed both mobile phones and the internet, reaching 300 million users in just 12 years, while it took 15 years for the internet and 21 years for mobile phones. Source: BlackRock

According to the report, the global investment firm also noted that demographic trends such as “digital natives,” where younger generations are more open to Bitcoin (BTC) adoption than GenX and Baby Boomers, are also supporting adoption.

Meanwhile, Empower, a US-based financial services company, surveyed 1,009 Americans who support BlackRock’s views. The survey found that 34 percent of Gen Z respondents chose cryptocurrencies over cash; This is the highest rate among all age groups.

Moreover, according to Stilt, a financial products and resources platform for immigrants, Buyers in the Gen Z and Millennial age groups make up approximately 94% of all crypto buyers, compared to just over 6% for those over 40.

Looking closely at each group, Gen Z buyers outnumber Gen X by 3.5 times and Baby Boomers by 14.3 times. Meanwhile, Millennials outnumber Generation X by 15.5 times and Boomers by 62.9 times; This reflects how tightly crypto has been dominated by younger generations.

Other macroeconomic changes, such as inflation fears, “global political division” and the ongoing digital transformation in the banking sector, have also caused BTC, and therefore crypto, to grow in popularity faster than other sectors.

Is the golden age of crypto adoption approaching?

BlackRock analysts aren’t the only forecasters who see strong momentum for the crypto industry in the future. According to Galaxy, analysts expect US spot Bitcoin exchange-traded products (ETPs) to grow to over $250 billion in assets under management by 2025; This is a move that represents strong institutional investment.

The cryptocurrency boom can be attributed to President-Elect Donald Trump being honored as Time’s Person of the Year in 2024.

Now, Trump is expected to issue executive orders and address crypto-related issues on the first day of his term, as reported by the Washington Post. The former president was a strong voice for the crypto industry and the ripples are slowly trickling down into the crypto industry.

Coinbase partially won its lawsuit against the U.S. Securities and Exchange Commission following a Jan. 14 court ruling that called the SEC’s rejection of a 2022 petition on crypto regulations “arbitrary and capricious” and ordered the agency to provide its reasoning on the matter. .

This marginal gain for the nascent crypto industry suggests that the regulatory vise may gradually loosen its grip and increase mainstream adoption from now on.