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 ... (full story)