Cryptocurrency adoption and trends
in the United States of America as of 2022
It is estimated that 46 million people, 13.7% of America’s total population, currently own cryptocurrency.¹
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.
The 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.
The 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. By comparison, our data shows that cryptocurrencies ownership in the US has risen rapidly from 8.35% in 2020.
Bitcoin remains the popular choice for cryptocurrencies owners in the United States, with more than 73% of cryptocurrencies 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 more than 15% of cryptocurrencies owners having more than US$10,000 in cryptocurrencies assets.
The number of US cryptocurrencies owners using cryptocurrencies 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 Walmart, Tesla, and McDonalds investing heavily under the hood to make their mark.
With almost 60% of US cryptocurrencies owners using cryptocurrency for spending, we believe that cryptocurrency payment services will help to accelerate cryptocurrency adoption in America.
More than 70% of cryptocurrencies 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, among others.
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 cryptocurrencies bandwagon. Bitcoin and other cryptocurrencies also broke through all-time highs.
Majority of US survey respondents (55%) are seeking to increase their holdings of cryptocurrency over the next year.
The majority of non-digital-currencies respondents (64%) cited a lack of knowledge, 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 the 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.
From this widespread cryptocurrency adoption in today’s world, businesses would benefit by integrating cryptocurrency payment into their payment ecosystem. In fact, 75% of US cryptocurrencies respondents agree that businesses would stand to benefit from adopting cryptocurrency payments.
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