Coinbase Survey Reveals 20% Of Americans Now Own Crypto• March 4, 2023 11:22 am • Comments
A new report that was just released by Coinbase indicates that around 20% of adults in America now own crypto which is an enormous amount compared to what it was a few years ago.
The continued growth and adoption of the industry indicates that there is strong consistent demand for digital assets despite the recent declines.
20% of adults indicates that there are more than 50 million Americans that own some form of a digital asset and that the bear market is just a contraction that all rapidly growing industries face.
Among the owners, it is shown that millennials and Gen z have the highest rates of ownership as it is apparent that the younger generations see the most value out of digital assets where as the traditional financial system may have failed them in today’s world.
Investors and speculators expect that the trend to continue and may reach a majority within the next decade.
— Dennis Porter (@Dennis_Porter_) February 28, 2023
However, a majority of Millennials [55%] noted that cryptocurrency and blockchain are the future. Only 54% of Gen Z adults believed in this notion.
Another demographic highlighted the fact that black adults were inclined toward cryptocurrency as opposed to the Hispanic and white populations in the U.S. Cryptocurrency ownership divided by race/ethnicity is illustrated in the chart below.
Politics has a huge influence in the cryptocurrency space as well. Several American politicians owned assets like Bitcoin, Ethereum, and others.
But Democrats and Independents accounted for 22% each, and 18% of Republicans owned these assets.
The increased popularity in crypto is also likely indicative of a belief that many Americans have which is the fact that many want new changes to the existing financial system.
The polls indicated that roughly 67% of respondents wanted significant reforms so it now makes sense why crypto adoption is continuing to pickup steam.
Essentially, it is a result in a new mindset shift that many are having and an understanding that digital assets provides an alternative way to manage finances.
Although the report focuses on users specifically within the US, it is also expected that the same trend is happening for many other regions around the world.
— Ajay (everything hindi) (@EverythingAjay) March 3, 2023
The crypto exchange added that the survey further “indicates that most Americans remain optimistic about the future of crypto and understand its potential to be part of the solution to bring about meaningful change to the financial system that would benefit society as a whole.”
Morning Consult detailed: “20% of Americans currently own some type of cryptocurrency, and 29% are likely to buy or trade crypto in the next 12 months.
This translates to an estimate of approximately 52.3 million American adults owning crypto, with 75.5 million adults expected to trade crypto at least once in the coming year.” According to Coinbase’s website, the trading platform has more than 110 million verified users.
Despite the tumultuous events of 2022, crypto ownership has remained largely unchanged since early 2022, which has been the historic high watermark for crypto ownership in America.
JUST IN: 🇺🇸 20% of Americans own #Bitcoin and crypto – Coinbase Survey.
This is just the beginning 🚀
— Bitcoin Magazine (@BitcoinMagazine) February 27, 2023
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