How Many People Own Bitcoin? 2023
Bitcoin is free of any government or organizational control, yet it’s also scarce. The finite supply of 21 million bitcoins worldwide has contributed to the exclusivity of this cryptocurrency and its volatility over time.
Let’s explore some facts about Bitcoin so that you can weigh whether this or other cryptocurrencies have an investment reward that’s worth the risk.
US MARKET GROWTH QUICKLY
1:- US Market Growth :-
Millennials Own the Most Crypto
According to a Harris Poll that USA Today published in December 2022, 29% of all millennial American parents own cryptocurrency. Millennials are the largest current generation of parents in America, yet they own only a small amount of the nation's wealth, about 5%, this data shows.
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American millennials share an affinity for cryptocurrency with a number of investors in this age bracket worldwide. In a global survey by the deVere Group, one of the world’s largest independent fintech and financial advisory organizations, data show that 67% of the more than 500 millennials surveyed believed that Bitcoin outranked gold as a safe-haven asset.
2:-Which Countries Have Banned Bitcoin Users?:-
Because Bitcoin has no government regulation, several countries have banned the cryptocurrency at various times or at least warned owners of Bitcoin accounts about exchanging it.
a)Bolivia: The country’s central bank has banned the use of cryptocurrencies, including Bitcoin.
b)China: China has banned cryptocurrency exchanges and also prohibits banks and financial institutions from trading or dealing in Bitcoin.
c)Columbia: This country does not allow Bitcoin investments or use.
d)Ecuador: The National Assembly of Ecuador in 2014 banned Bitcoin and other cryptocurrencies but established guidelines for its own “electronic money.”
e)Russia: Although there is no current law against cryptocurrency, the Russian government has warned that “virtual currencies” could be used for terrorist financing and money laundering.
3:-Which country is first of under bit coin:-
El Salvador is the first and only country in the world to recognize Bitcoin as a legal tender as of June 2021. However, other countries welcome payment in Bitcoin under certain conditions.
4:-Is Cryptocurrency a Good Investment?:-
Investing in virtual currency has produced jaw-dropping returns for some, but the field still presents risks.
Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency. A safer but potentially less lucrative alternative is buying the stocks of companies with exposure to cryptocurrency.
An infographic outlining risks of cryptocurrency, including cyberattacks, regulations, competition and volatilities.
Image source: The Motley Fool
Let's examine the pros and cons of investing in cryptocurrency.
Is cryptocurrency safe?
Multiple factors show that cryptocurrency is not always a safe investment. All the while, other signs are emerging that cryptocurrency is here to stay.
Cryptocurrency risks
Cryptocurrency exchanges, more so than stock exchanges, are vulnerable to being hacked and becoming targets of other criminal activity. Security breaches have led to sizable losses for investors who have had their digital currencies stolen, spurring many exchanges and third-party insurers to begin offering protection against hacks.
Storing cryptocurrency on a centralized exchange means you don't have full control over your assets. An exchange could freeze your assets based on a government request, or the exchange could go bankrupt and you'd have no recourse to recover your money.
There's also no guarantee that a crypto project you invest in will succeed. Competition is fierce among thousands of blockchain projects, and many projects are no more than scams. Only a small percentage of cryptocurrency projects will ultimately flourish.
Regulators may also crack don on the entire crypto industry, especially if governments view cryptocurrencies as a threat rather than an innovative technology.
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