According to a recent report by Insider Intelligence, as of 2021, there are over 28 million cryptocurrency holders in the United States.
Cryptocurrencies’ widespread adoption was a slow and steady process. In 2017, there was a significant increase in public knowledge of Bitcoin and other cryptocurrencies, with 77 percent of Americans hearing about Bitcoin. Despite the increased awareness, only 6% of Americans used or owned cryptocurrencies in 2020.
According to Insider Intelligence’s recent research, more than 28 million people in the United States presently own at least one cryptocurrency. The ease of investing in 2021 accounted for the surge. Also, cryptocurrencies became easy to purchase on various apps in 2021, and large financial institutions embraced Cryptocurrency investment. The popularity of shitcoins and meme coins like Dogecoin also contributed to the surge and increased adoption.
According to the study, by the end of 2022, about 33.7 million US citizens will own at least one cryptocurrency, with the largest ownership being adults between age groups 25 to 34, followed by those between 35 to 44, indicating that younger people have a positive stance on cryptocurrency investment. “Younger investors have a genuine positive outlook on blockchain technology and are buying crypto to hold for a while, expecting prices to continue increasing in the long run,” says Islam. “Older investors will be more risk-averse and leery of the volatile crypto market. Although, they are increasingly starting to invest in crypto as more retirement funds offer it as an option.”, stated Insider Intelligence.
They also anticipated that 13.1 million people in the United States would own Ethereum this year. Three-quarters of cryptocurrency owners will have Bitcoin in their portfolio this year, with Bitcoin’s market share dropping to 70.6 percent by next year.
Also, from the study, 3.6 million US adults are predicted to make payments with cryptocurrency, amounting to up to 68.6% over last year’s payments via Cryptocurrencies.
