Gemini Survey Reveals Adults Are Becoming More Interested in Cryptocurrencies
With cryptocurrencies gaining more and more media attention, investors in traditional financial markets are gradually looking into cryptocurrencies. Beyond institutions, more women are starting to get involved with Bitcoin.
14% of US Populace Own Crypto
According to a Gemini State of Crypto Report for 2021 on 3000 US adults, crypto is beginning to broaden its investor base.
The document estimates that 14% of the US population, roughly 21.1 million adults, own crypto assets. It also showed that 74% of these crypto holders are male, while 77% are under the age of 45.
Women are not left out, as they make up 26% of crypto investors.
The document also pointed out that the average age of a cryptocurrency owner is 38 years old, making approximately $111,000 per annum.
Gemini spoke about another group of investors called the “crypto-curious.”
Gemini defines this group as investors who are yet to take the crypto plunge but planning to do so in 2021. This section comprises over 63% of US adults.
About 13% of this group plan to diversify their investment portfolio into cryptocurrencies in the next 12 months.
Gemini notes that this could see 19.3 million new crypto holders coming into the space, which would double the crypto population in the North American nation.
The survey also shows an interesting trend. Women are more likely to buy crypto soon as 53% of female respondents say they plan to own a digital asset by the end of the year. 4% of the current female crypto owners are 55 years or older, and the average age is 44 years.
Regarding demographics, 52% of current investors reside in urban or suburban areas, while 26% are domiciled in small towns and rural areas.
Bitcoin Still Most Dominant Digital Asset
Even though cryptocurrencies are gaining mainstream acceptance and more investors are coming into the crypto space, the knowledge of the various virtual currencies on offer is still lacking.
95% of respondents still associate crypto with Bitcoin and claim partial knowledge of other digital assets.
Even though Ethereum is the second most valuable cryptocurrency globally, just 38% of respondents said they have heard about it.
Foremost stablecoin USDt could only gather 11%, while San-Francisco blockchain firm Ripple Labs’ XRP had 6%. Oracle provider Chainlink had 8% of respondents saying they must have come across it once.
This showed that most crypto investors and enthusiasts are still experiencing knowledge gaps regarding the various crypto assets in the blockchain ecosystem. According to Gemini, this can be addressed with accessible educational crypto materials to turn the crypto-curious into active crypto investors.
The survey also noted that most crypto investors view these digital assets as a long-term investment strategy.
A whopping 69% of investors buy and hold for long-term appreciation compared to 36% who trade short-term for profits. 27% of the respondents use digital assets to make purchases online.
Another survey by analytics firm Piplsay points to a growing faith in the safety of trading cryptocurrencies, with 50% of respondents stating their willingness to invest in the space. A further 57% demanded that consumer companies like Amazon and Apple start accepting cryptocurrencies as a form of payment.