Bitcoin Reaches the 100 Million User Milestone

Nothing can stop the forward march of the Bitcoin revolution.

Illustration by Sylvain Saurel

The particular year 2020 that we are going through will have had several effects. The first of them is obviously to have shattered all the certainties that some people thought they had. The world we live in is totally uncertain, and this is the first big lesson this coronavirus pandemic will have taught us.

This coronavirus pandemic then triggered an economic crisis on a scale not seen in decades.

This economic crisis will have highlighted more than ever the flaws of the current monetary and financial system. This system is suffering from seven deadly sins that will lead to its collapse.

Illustration by Sylvain Saurel

More and more people now share this sentiment. This explains why Bitcoin adoption has risen sharply in the year 2020. However, it is still difficult to know how many users are really committed to the Bitcoin world.

For three years now, the University of Cambridge has been conducting an in-depth study of the cryptocurrency world.

The third edition of the University of Cambridge’s study on the cryptocurrency world has just been published. It is based on data from 280 companies involved in this universe and operating in 59 countries around four main segments: exchange platforms, payment systems, custody, and mining.

In this study, researchers from the University of Cambridge first explain that they count 191 million wallets on the Bitcoin network. That’s quite an increase when you remember that the number was 45 million when they first studied it in 2017.

Since users can own an unlimited number of wallets, it is always difficult to accurately estimate the number of actual users of the Bitcoin network.

Researchers at the University of Cambridge are venturing to do this based on the data they have been able to obtain. In particular, they were able to determine that 90% of Bitcoin users have more than one address on the network.

Based on this figure, they estimate that the Bitcoin network has officially passed the 100 million user milestone. This estimate is important because this figure would confirm the steady increase in the Bitcoin adoption by the general public.

The study also estimates that the network has 400,000 daily users.

There are many obstacles to mass adoption of Bitcoin by the general public, but things are moving in the right direction. And that’s what this University of Cambridge study is all about.

All of these figures, which already appear extremely high, will probably be nothing in a few years. Indeed, Bitcoin is set to see its adoption explode in the years to come. It responds to the great problem that appeared in the eyes of all in 2020:

The possibility of protecting its wealth over time in a way that is resistant to censorship.

All that remains now is to wait for this increase in the Bitcoin adoption to be translated into the start of the Bull Market. To do this, we will have to wait until the beginning of 2021.

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2 Responses

  1. January 9, 2023

    […] With more attention, the demand for Bitcoin is increasing. This is driving not only big companies but also institutional and individual investors to come and buy Bitcoin. One proof of this is the fact that Bitcoin passed the 100 million user mark a few weeks ago. […]

  2. January 10, 2023

    […] was the guarantees that Bitcoin gives to its users that convinced me to become a Bitcoiner, and that have convinced more than 100 million users since 2009. Bitcoin is the people’s currency backed by the people. In a future world where everything will […]

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