Rising Waves of Crypto Ownership
In a world where everything from your favorite coffee to your grandmother’s prized knitting pattern has a digital counterpart, it’s no wonder that American interest in cryptocurrency has surged. According to a recent survey from Finder, the percentage of Americans who own some form of cryptocurrency has jumped from 7.95% in 2018 to a whopping 14.4% in 2019, putting the total number of crypto owners at an impressive 36.5 million.
The Numbers Don’t Lie
Conducting a survey of 2,068 Americans, Finder has offered a glimpse into the fascinating world of crypto ownership. It turns out, the average American crypto wallet is not as overflowing as you might think. The typical holder boasts $5,447 in crypto assets. However, before you start planning your escape to a tropical island, consider this: the median amount is just $360, meaning most folks are still dipping their toes rather than diving headfirst into the crypto pool.
Meet the Crypto Polygamists
American crypto ownership isn’t just a one-currency affair! In fact, a staggering 55.4% of Bitcoin (BTC) owners are “crypto polygamists” — they own multiple forms of cryptocurrency. But let’s not forget, there appears to be a gender divide in the crypto landscape. Male investors claim ownership at nearly double the rate of their female counterparts, with 19% of men participating compared to just 10% of women.
Why Do They Own It?
The motivations for entering the cryptocurrency realm vary. According to the survey, a solid 61% of respondents are in it for the investment opportunities. Only 29.3% of individuals reported using crypto for transactions, while 25.6% preferred to keep their funds outside traditional financial institutions, perhaps eyeing that rainy day when “the man” just doesn’t get to hold onto their dollars.
Why Not?
On the flip side, the survey also highlighted the reasons why many Americans are staying away from the crypto craze. A mere 47.9% shied away due to finding crypto “too complicated or difficult to understand.” At least they recognized their limitations! Close behind them are the indifferent who simply don’t care about cryptocurrency (45%), and the cautious investors who regard it as too risky (23%).
Comparative Insights
Interestingly, this survey’s findings slightly contrast an earlier crypto study released by Blockchain Capital, which suggested only 11% of the American population owning Bitcoin — so the numbers are certainly fluid! Meanwhile, across the pond, European surveys reveal that 32% consider cryptocurrency the future of online payments. It seems the world is on the brink of a financial revolution!
