[NEWS] a16z announces that the number of active cryptocurrency users reaches 60 million

According to a report released on the 16th by a16z crypto, a Web 3.0 venture capital firm under the investment firm Andreessen Horowitz (a16z), there are currently 617 million cryptocurrency holders worldwide, with 60 million monthly active users.

This year's cryptocurrency activity and usage is at an all-time high.

Monthly active cryptocurrency addresses will exceed 220 million in 2024, with Base topping the list with 2,200 addresses on the Ethereum (ETH) Virtual Machine (EVM) chain, and Solana (SOL) exceeding 100 million addresses on non-EVM chains. Polygon (POL) will follow with 7.9%, Optimism (OP) with 6.7%, Arbitrum (ARB) with 6.2%, Avalanche (AVAX) with 4.2%, and Bitcoin (BTC) with 4.2%.

This year also saw the highest number of mobile wallet users ever, with the United States accounting for 12% of global users.

However, as crypto adoption grows globally and more projects seek regulatory compliance by excluding the United States through geofencing, the U.S. share of the overall mobile wallet user base has been declining in recent years.

After the U.S., other countries with the largest number of mobile wallet users include Nigeria, which has sought regulatory clarity through regulatory incubation programs and has seen a significant increase in consumption usage such as bill payments and retail purchases; India, where population and smartphone penetration are booming; and Argentina, where many residents are transferring assets to crypto assets, especially stablecoins, amid a currency devaluation.

While it is easy to measure active addresses and the number of monthly mobile wallet users, it is difficult to measure the actual number of active crypto users.

However, by combining various methodological approaches, a16z has successfully measured and estimated that the number of monthly active crypto users worldwide has reached 30 to 60 million. However, this figure represents only 5-10% of the approximately 617 million cryptocurrency holders in the world. This figure is estimated to increase in the future.

The report states, "We appear to be at a turning point for cryptocurrency infrastructure, where blockchain scaling is rapidly advancing, opening up new possibilities for applications and user activity. The sharp decline in user transaction fees is helping stablecoins fit into the product market. We are also seeing a change in behavior around NFTs, which is very interesting. We are seeing an increase in low-cost social collectibles and a decrease in high-value, speculative secondary market activity."

Looking at cryptocurrency spot ETFs, Bitcoin (BTC) spot ETFs have also consistently attracted investor interest since they were approved in the United States in January. As of October 15, the cumulative trading volume has reached $437.6 billion (approximately 65 trillion yen).

Cryptocurrency becomes an important political issue in the US presidential election

Cryptocurrency has become a topic of national discussion during this US presidential election. So a16z measured the relative levels of crypto interest in battleground states.

Pennsylvania and Wisconsin have seen the biggest increases in crypto-related searches since the 2020 election, ranking fourth and fifth, respectively, as measured as a percentage of total searches using Google Trends. In Michigan, it rose to eighth place, and in Georgia it remained stable. Meanwhile, Arizona and Nevada have seen a decline in interest since 2020.

Reference: a16z crypto
Image: Shutterstock

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