Crypto adoption reached 300 million users, nearly twice as fast as the internet and triple mobile phones. What are the factors behind this rapid adoption?

According to a recent study by BlackRock, global crypto adoption reached 300 million users in just 12 years—a pace around 43% faster than the adoption of mobile phones and about 20% faster than the internet. By comparison, mobile phones took 21 years to hit the 300-million mark, while the internet reached that milestone in 15 years.

The global investment firm also stated that the adoption is buoyed by demographic trends such as “digital natives,” wherein younger generations are more open to Bitcoin (BTC) adoption than GenX and Baby Boomers, reads the report.

Meanwhile, Empower, a U.S. based financial services company, researched 1,009 American individuals, which supports BlackRock’s views. The poll found that 34% of Gen Z respondents chose cryptocurrencies over cash- the highest rate among any age group.

Moreover, according to Stilt, a platform for financial products and resources for immigrants, Buyers in the Gen Z and Millennial age groups account for nearly 94% of all crypto buyers, leaving just over 6% for those over 40. 

Zooming in on each cohort, Gen Z buyers outnumber Gen X by a factor of 3.5 and Baby Boomers by 14.3. Meanwhile, Millennials outnumber Gen X by 15.5 times and Boomers by 62.9 times—reflecting just how firmly crypto is dominated by younger generations.

Other macroeconomic shifts like fear of inflation, “global political division,” and ongoing digital transformation within the banking sector have also led BTC, and in turn, crypto’s popularity to grow faster than other sectors. 

Is the golden era for crypto adoption ahead? 

BlackRock analysts are not the only forecasters seeing a strong momentum for the crypto industry in the future. According to Galaxy, analysts expect that U.S. spot Bitcoin exchange-traded products (ETPs) could reach more than $250 billion in assets under management by 2025, a movement representing strong institutional investment.

The crypto boom can be credited to President-Elect Donald Trump, who was honored with the title of Time’s Person of the Year in 2024. 

Now, it is expected that Trump will issue executive orders on the first day of his term and address matters regarding crypto, as reported by the Washington Post. The former president has been a strong voice for the crypto industry, and the ripples are slowly trickling down into the crypto industry. 

Coinbase partially won a case against the U.S. Securities and Exchanges Commission after a court ruling on Jan. 14 that described the SEC’s denial of its 2022 petition regarding crypto regulations as “arbitrary and capricious,” thus ordering the agency to provide its justification on the issue.

For the nascent crypto industry, this marginal win suggests the regulatory vise may slowly unwind its grip and fuel further mainstream adoption hereon.