How Many People Use Bitcoin in 2023?
Although Bitcoin is still an emerging, volatile asset, billions of dollars worth of BTC tokens are traded every day. The digital currency continues to increase its awareness on a global scale, but how many people use Bitcoin in 2023?
In this guide, we examine the numbers meticulously.
We use a variety of methods to assess how many people are actively using Bitcoin, including trading volumes, research studies, wallet addresses, daily transactions, and more.
There is no definitive answer to the question: How many people use Bitcoin? This is because of the pseudonymous nature of the blockchain. For instance, Bitcoin addresses tell us how much a specific wallet is holding.
But equally, it is not possible to know who owns the specific wallet. For example, some Bitcoin investors have multiple wallet addresses. Similarly, crypto exchanges generate a new Bitcoin address for every account that is opened.
Considering that the best crypto exchanges have millions of clients, this is a significant number of addresses.
The inability to put a specific figure on the number of Bitcoin owners is evident in a recent Chainalysis study. The study notes that since Bitcoin was launched in 2009, more than 460 million wallets have been created. Importantly, only 37% are "economically relevant". Chainalysis states that the vast majority of Bitcoin wallet addresses belong to "named services", which include crypto exchanges.
Another issue when assessing how many people use Bitcoin is that cryptocurrencies do not trade in centralized marketplaces. This is unlike equities, which trade on stock exchanges like the NYSE and NASDAQ. Stock exchanges operate in heavily regulated conditions, meaning that the number of individual shareholders is reported.
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