According to data from Coinmetrics, Bitcoin addresses that hold any amount of BTC has hit an all-time high at 28.39 million addresses. The only time the number of addresses was close to that high was back in 2017 right when the huge crypto market bull run was taking place.
Of course, this doesn’t necessarily mean that there are 28 million individual users of Bitcoin, however, it also doesn’t mean there are less. One individual bitcoin user can have many addresses at the same time but it’s also true that a big majority of cryptocurrency users will keep their coins in exchanges and sometimes custodians.
Exchanges often use one or a few huge addresses that hold almost all of their customer’s funds so, at the same time, one address can represent thousands of Bitcoin users.
So, How Many People Actually Use Bitcoin?
Right now it’s practically impossible to determine the amount of Bitcoin users but the data shows it’s increasing. There are many statistics and surveys out there trying to find out how many cryptocurrency users are active. A survey conducted among 5,000 Americans, by the Global Blockchain Council and SurveyMonkey states that around 5% of Americans hold Bitcoin.
According to another survey conducted in the United States among 2029 adults showed that 9% of the population owns Bitcoin with the majority of holders between the age of 18 and 34.
Additionally, the survey also showed that people are far more familiar with Bitcoin now than back in 2017. For example, the number of people that were ‘at least somewhat familiar’ with Bitcoin was 30% back in October 2017 and rose to 43% in April 2019. A really significant increase even though the digital asset has been in a downtrend ever since.
How Can This Affect the Price of Bitcoin?
Timothy Peterson, investor, and analyst noted that “median bitcoin price will be substantially lower at ~$7300, which is more in line with where active addresses sit today.’ I think I can safely call a bottom at that time. I also have several other indicators that say the 2019 bubble is fully popped“.
Image from @nsquaredcrypto
Bitcoin is currently trading at around $7,500 and continues trading sideways. Volatility, as well as trading volume, have been decreasing significantly over the past 2 weeks.
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