A Morning Consult Research published for July 2022, on the state of cryptocurrency, particularly in the U.S., has revealed that about 17% of adults in the country noted that they or someone in their household trades or owns digital assets – this roughly translates to one in six households.
Most crypto owners are high-earners, men and millennials
In the publication dubbed: “The Crypto Report: Our Analysts on the State of Cryptocurrency”, certain pointers were analyzed to ascertain the growth of crypto adoption in the U.S. The research revealed that ownership of crypto assets saw an upsurge in July and December of 2021.
The escalation was partly influenced by two factors: the rapid growth of the crypto gospel and its developing presence in mainstream media, and the sudden drop in prices of digital assets within that time period which swayed a lot of people to dive into the space in an attempt to “buy the dip.”
According to the research, the new set of investors was in a way similar to those who had been in the game before the recent surge in adoption, being mostly high-earners, men, and millennials. This leaves out baby boomers who appear to show a general form of disinterestedness in crypto – the rate of adoption for this age group has remained stable, at 6% to 8%.
Additionally, constituting only 28% of the crypto owners in the U.S., American females generally show less interest in crypto than their male counterparts who make up a whopping 72% of crypto owners. Data also reveals that 42% of crypto owners earn less than $50k, while 34% earn $50k-$99.9k, leaving the 25% proportion to those who earn above $100k.
Crypto owners are the most optimistic about their future among investors
Notwithstanding, most crypto owners – about 66% – view the asset class as a means of investment rather than a payment means. A good number of them have cited a need to diversify their portfolio as a reason for joining in on the crypto craze.
With this level of increasing adoption, the Crypto Winter has put a lot of infant investors in a sort of dilemma – capitulate and count your losses or HODL and hope for a breakthrough. Most investors seem to be leaning towards the latter as the research reveals that crypto owners are the most optimistic about their future among investors.
Furthermore, regardless of the bear market, a good number of U.S. investors have remained resolute in their plan to purchase crypto in the future, with the majority of them showing interest in Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).