Crypto Adoption Beats Mobile Phones by 43%, Says BlackRock

• BlackRock revealed that crypto products gained faster adoption compared to mobile phones.
• Top industry experts predict more integrated embrace are imminent this year.

A recent report from top investment giant BlackRock reveals crypto adoption has hit the 300 million users milestone in just 12 years. Based on the current figure, the adoption rate for crypto rose 43% faster than mobile phones and 20% quicker than the internet.

Why Crypto Adoption is Rising

For comparison, mobile phones took 21 years to hit 300 million users, while the internet reached that milestone in 15 years. BlackRock highlighted several factors responsible for crypto’s accelerated adoption in its report.

The first factor cited by the global investment firm is demographic patterns. This factor is because younger generations, often called “digital natives,” are more predisposed toward crypto adoption than GenX and Baby Boomers.

Confirming BlackRock’s report, the Stilt platform revealed that nearly 94% of all crypto users are Gen Z and Millennials. This leaves just over 6% for users over 40 years. More specifically, Gen Z consumers outnumber Gen X by a factor of 3.5 and Baby Boomers by 14.3. On the other hand, Millennials outnumber Gen X by 15.5 times and Boomers by 62.9 times. This trend illustrates how firmly younger generations control the crypto market.

Additionally, Empower, a financial services firm in the US, researched 1,009 Americans, further supporting BlackRock’s claims. According to the survey, 34% of Gen Z respondents chose crypto over cash, the highest rate among any age group.

BlackRock highlighted global shifts as another key factor influencing crypto’s accelerated adoption. For instance, inflation fears, global political conflict, and banking and fiscal concerns have made investors turn toward innovative assets like crypto.

Finally, for investors, the global economy’s ongoing digital revolution is altering the finance world. The maturation of digital assets infrastructure is easing access barriers and creating new use cases for Bitcoin (BTC) and crypto.

Emerging Crypto Adoption Trends and Forecasts

The present excitement in the crypto market started towards the end of 2024, driven by general acceptance and institutional adoption. Companies like MicroStrategy and states like Texas, Florida, and Alabama are developing Bitcoin to hedge against inflation and volatile markets.

As highlighted in our previous article, several researchers estimate that Bitcoin users might reach five billion within a decade. Meanwhile, Galaxy analysts forecasted that US spot Bitcoin Exchange-Traded Funds (ETFs) could reach over $250 billion in assets under management this year.

Surprisingly, emerging markets like Nigeria, South Africa, the Philippines, India, and Indonesia are leading in crypto interest. As we mentioned in our previous news brief, 93% of respondents in Nigeria and 77% in South Africa expressed a strong willingness to invest in crypto this year.

In contrast, interest in industrialized countries remains rather low. Only 15% in the UK and 41% in the US demonstrated comparable excitement and interest in adopting crypto.