Cryptocurrency exchange Coinbase estimates in its latest research that one in five Americans has embraced cryptocurrencies. There are more HODLers among young people and people of color.
Coinbase surveyed more than 2,000 U.S. adults to determine their perceptions of the current global financial network and to learn how they feel about digital assets. Despite “turbulent events” in 2022, 20% of participants still admit to owning Bitcoin or an alternative coin.
Recall that last year saw the collapse of Terra/Luna, the bankruptcy of 3 Arrows Capital (3AC) and Celsius Network, the demise of FTX, and many other disasters.
76% of cryptocurrency investors see blockchain technology as the "future". It outlines higher adoption rates among younger generations such as Gen Z and millennials, as well as people of color. Democrats and independents are slightly more likely to own cryptocurrencies than Republicans. Coinbase also found that 80% of U.S. residents believe the current global monetary system is unfair, while 67% believe necessary corrections should be made.
The platform outlined crypto's role in this revolution, reminding the beleaguered community that it has been used to solve "real-world problems." Several other studies have shown the growing popularity of digital assets in countries where many locals lack access to traditional financial services. Gemini last year identified Brazil and Indonesia as global leaders in cryptocurrency adoption. The financial inclusion index of both countries is around 85%, leaving tens of millions of people without access to appropriate monetary products.
Last summer, a joint study by Bitget, Foresight Ventures and Boston Consulting Group (BCG) estimated that the number of global cryptocurrency users could reach 1 billion in less than a decade. The partners further concluded that cryptocurrency adoption is still in its early stages, as only 0.3% of personal wealth is allocated to digital assets.
Presumably, professional traders are most interested in the matter, followed by retail and institutional investors.
The study also determined that North Americans are more likely to invest heavily in asset classes, while Africans allocate the least.
