Cryptocurrency information about the USA
Breaking down cryptocurrency ownership by income, 44% of US cryptocurrency owners have an annual income of US$100,000 or more. This suggests that cryptocurrencies are largely owned by more wealthy Americans.
Majority of US cryptocurrency owners are in the 18-44 age group (82%). Only 7% of them are 55 and above. This concludes that cryptocurrencies are largely owned by younger Americans.
Majority of American cryptocurrency owners are highly educated, with 66% of them holding a bachelor’s degree or higher.
From the survey conducted, we see a staggering 81% of US adults have heard of cryptocurrencies in 2022. We see a significant rise of 12 percentage points, compared to 69% of US adults from 2020. This suggests a growing awareness among Americans regarding cryptocurrency.
We see 13.7% of US adults currently hold cryptocurrency, or approximately 46m people in 2021. By comparison, our data shows that crypto ownership in the US has risen rapidly from 8.35% in 2020.
Bitcoin remains the popular choice for crypto owners in the United States, with more than 73% of crypto owner respondents possessing Bitcoin. Ethereum follows closely in second place with the cryptocurrency’s wide application cases, followed by Ripple (XRP), Tether (USDT) and other Altcoins.
People are increasingly seeing cryptocurrency as a safe asset and alternative to national currencies, with majority of crypto owners (68%) owning more than US$1,000 in crypto assets. A significant number of crypto owners (15%) also have more than US$10,000 in crypto assets.
The number of US crypto owners using crypto for purchases are also seeing rapid growth, with 2021 marking an exponential increase of 14 percentage points (y-o-y growth) in purchases made using cryptocurrency from 46% in 2020.
Many corporations like PayPal and Starbucks adopted cryptocurrencies in 2021 to capitalise on the rising trend, with others like Wal-Mart, Tesla and McDonalds investing heavily under the hood as well.²
Almost 60% of US crypto owners are using cryptocurrency for purchases.
More than 70% of crypto spenders are spending more than US$100 of cryptocurrency for purchases monthly, with a significant amount (32%) being large spenders of more than US$1,000 monthly.
Survey results show that cryptocurrency payment services are eagerly anticipated across the retail industry. Respondents showed interest in all the major categories ranging from Entertainment, E-commerce and Luxury Retail, etc.
Cryptocurrency is gaining the attention it deserves. 2021 was the year that cryptocurrency was in the spotlight as major institutions, celebrities and public figures all jumped on the crypto bandwagon. Bitcoin and other cryptocurrencies also broke through all-time highs.
Majority of US survey respondents (55%) are also seeking to increase their holdings of cryptocurrency over the next year.
Majority of non-crypto respondents (64%) cited a lack of knowledge for not owning cryptocurrency, presenting strong potential for increasing cryptocurrency adoption with proper channelized education and awareness.
Additionally, greater adoption of cryptocurrency payment options across merchants can also have a network effect on more rapid adoption of cryptocurrency in the populace, given that 29.5% of respondents cited not owning cryptocurrency as their current merchants do not accept it.
Given increasing cryptocurrency adoption in today’s world, businesses would benefit by integrating cryptocurrency payment into their payment ecosystem. In fact, 75% of US crypto respondents agree that businesses would stand to benefit from adopting cryptocurrency payments.