If you’ve spoken to a Bitcoin maxi, you might think that the world changed forever in 2009 when the digital currency launched. However, as of 2023 less than one percent of the world’s population holds Bitcoin. In a world where new tech goes viral overnight, why has Bitcoin taken 14 years to still be niche?
It took about two years for the worldwide web to catch fire. Between 1993 and the beginning of 1996, websites went from 130 in number to over 100,000. Facebook reached 1 million users within its first year and 100 million users within five years. ChatGPT reached 100 million users in two months.
By contrast, crypto in general and Bitcoin in particular have yet to be widely adopted.
The Difference Between Purchase and Adoption
There are over 44.15 million wallet addresses that hold a non-zero balance of bitcoin. As of February 2023, miners process more than 250,000 transactions per day. When you add in the amount of people who have traded crypto on an exchange, the number rises. Including Blockchain.com and Coinbase, the number of wallets holding BTC grows to 170 million.
Lots of people have bought Bitcoin as a speculative investment. However, this data shows that more than two-thirds have transferred it to a crypto wallet. This behavior suggests that while people are willing to hold Bitcoin, they may not be willing to use it.
For the average person, Bitcoin has caught their eye only when people made (or lost) fortunes due to its volatility. I
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Author: Virginia Valenzuela
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