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Author: Admin | 2025-04-28
The below is an excerpt from a recent edition of Bitcoin Magazine PRO, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.Note: This article does not include all the data and analysis. The whole piece can be found here.Bitcoin User Adoption One of the strongest cases for bitcoin is its growing network effects. For bitcoin to continue to grow in the future, it needs adoption and demand. That demand comes from either growth in more capital flowing into the network and/or growth in its number of users.Yet, defining someone who uses the Bitcoin network or is a user of bitcoin the asset is incredibly difficult and can have many definitions depending on whom you ask. This piece aims to aggregate and analyze the various definitions and estimates for bitcoin users, define our preferred view of bitcoin adoption and make our own estimations for current bitcoin users.How Do You Define A Bitcoin User? There’s no “right” answer in defining a bitcoin user but we considered the following questions when coming up with our definition:Is someone who is storing bitcoin on an exchange considered a user or should we only count those who have some form of self custody?What’s the nuance between counting on-chain addresses versus accounts or entities?Is there a threshold of bitcoin ownership that we should consider for adoption? Is that threshold denominated in bitcoin, fiat currency or as a share of net
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