The exact number of Bitcoin users is difficult to estimate, though it is apparent that its network effects are growing. To track meaningful adoption of Bitcoin, one should consider heavy users: those who store a significant portion of their net worth in Bitcoin through self-custody and/or actively engage in on-chain or Lightning transactions. Various studies have estimated casual users of Bitcoin—those with any touchpoint with the asset—ranging from 200 to 800 million. However, according to Croseus, the adoption rate of heavy users is estimated to be at 0.01% penetration of the global population.
Tracking user growth can be done through on-chain addresses, though these do not directly translate to users. It has been estimated that there are currently around 593,000 heavy users of Bitcoin. This figure is likely to continue to grow as more people become aware of Bitcoin and its potential for financial gain and as a decentralized peer-to-peer payment network.
