Cryptocurrency Adoption Exceeds Internet Adoption by 20%

The number of crypto users has soared to 300 million, accomplishing this milestone nearly twice as quickly as the internet and three times faster than mobile phones. What factors are driving this swift adoption?

A recent BlackRock study indicates that global crypto adoption reached 300 million users within 12 years—approximately 43% faster than mobile phone adoption and about 20% quicker than the internet. For perspective, it took mobile phones 21 years to reach 300 million users, while the internet achieved this in 15 years.

BlackRock report shows a horizontal bar chart comparing the time taken to achieve 300 million users for three technologies: mobile phones (21 years), the internet (15 years), and cryptocurrency (12 years).
Cryptocurrency adoption has surpassed both mobile phones and the internet, reaching 300 million users in just 12 years compared to 15 years for the internet and 21 years for mobile phones. Source: BlackRock

The global investment firm also noted that demographic trends such as the rise of “digital natives” are contributing to this adoption, with younger generations being more receptive to Bitcoin (BTC) than Generation X and Baby Boomers, according to the report.

Furthermore, Empower, a U.S.-based financial services company, surveyed 1,009 Americans, corroborating BlackRock’s findings. The survey revealed that 34% of Gen Z respondents preferred cryptocurrencies over cash, the highest percentage among all age groups.

Additionally, Stilt, a financial resource platform for immigrants, reported that individuals from Gen Z and Millennial demographics make up nearly 94% of all crypto buyers, leaving just over 6% for those aged 40 and above.

Examining the generational breakdown, Gen Z buyers outnumber Gen X by 3.5 times and Baby Boomers by 14.3 times. Millennials surpass Gen X by 15.5 times and Boomers by an astounding 62.9 times, illustrating the strong influence of younger generations in the crypto market.

Other macroeconomic factors, including concerns over inflation, “global political division,” and the ongoing digital transformation in banking, have also accelerated the appeal of BTC and the broader crypto market compared to other sectors.

Is a golden era for crypto adoption on the horizon?

Analysts from BlackRock are not alone in predicting robust momentum for the crypto industry moving forward. According to Galaxy, U.S. spot Bitcoin exchange-traded products (ETPs) could exceed $250 billion in assets under management by 2025, indicating a significant institutional investment trend.

The crypto surge can also be attributed to President-Elect Donald Trump, who was recognized as Time’s Person of the Year for 2024.

It is anticipated that Trump will issue executive orders addressing crypto on his first day in office, as reported by the Washington Post. The former president has been a vocal supporter of the crypto industry, and his influence is beginning to resonate throughout the sector.

Coinbase recently achieved a partial victory against the U.S. Securities and Exchange Commission, following a court ruling on January 14 that deemed the SEC’s rejection of its 2022 petition regarding crypto regulations as “arbitrary and capricious,” mandating the agency to clarify its stance.

This minor win for the emerging crypto sector suggests that regulatory constraints may start to ease, potentially paving the way for even greater mainstream adoption in the future.

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