The global cryptocurrency exchange KuCoin has released the Into The Cryptoverse US Report detailing statistics about the adoption of cryptocurrencies and blockchain technologies in the United States. The report provides important insights into the penetration of decentralized technologies and digital currencies into US citizens’ financial and investment behavior based on a survey conducted among adults in the US.
According to the survey by KuCoin, the share of crypto investors among US adults has gone up 5% compared to Q4 of 2021, which is equivalent to 8 million people entering the cryptocurrency investment market. As of March of 2022, 50 million, or 27%, of US adults aged 18-60 are crypto investors who currently own or have traded in the past six months.
The report also reveals essential shifts in demographics – in Q1 2022, women accounted for 35% of crypto investors, 5% up from the previous quarter. In Q1 2022, 47% of female crypto investors stated that they are familiar with how cryptocurrencies work and how to invest in them, which is 17% lower than their male counterparts. 41% of female crypto investors claimed to understand the basic concepts of cryptocurrencies, and another 12% only know cryptocurrency as a term. The findings show that the cryptocurrency market has become less men-dominated, and female crypto users have gradually increased. But at the same time, the gender gap in crypto literacy and confidence in crypto investment remains.
Interest in cryptocurrencies is rated high, as 53% of the surveyed US crypto investors claimed to have doubled down their money invested in cryptocurrencies in the first quarter of 2022. At the same time, 59% plan to increase their investment in cryptocurrencies over the next six months. The generation gap is also narrowing, as the share of 41-50-year-olds rose by 7% over the past quarter, cannibalizing the percentage of younger age groups.
Financial results from crypto investments have played an essential role in the given share since those earning more than $100,000 a year have grown by 7%. A contributing factor is a good level of familiarization with decentralized assets, as evidenced by the results of Q1 2022, in which 58% of crypto investors claimed that they were familiar with how cryptocurrencies work and the way to invest in them. The given share is a 6% drop from the previous quarter, indicating a more robust demand for crypto education. 68% of crypto investors report actively learning about crypto on social media, a 7% increase from the previous quarter. The number is higher among young investors aged 18-30, reaching 75% in Q1 2022.
The top sources of crypto information are social networks, as 46% of respondents stated that they acquired their knowledge on YouTube, which is more prevalent than most crypto-specific data and news platforms. 32% of crypto investors find their data on Facebook, 25% on Twitter, and 24% on Instagram through searches for crypto-related content.
The improvement of the quality of life is a leading factor for investments in cryptocurrencies among 37% of users, while 22% do so to buy things they enjoy. Financial freedom is a top goal for 27% of crypto investors, who hope to profit from cryptocurrency investments to free themselves from 9-to-5 workplace routines. The motivation is powerful among Millennials and Gen Z, and older Gen X. 28% of crypto investors above age 50 bet on crypto as part of their early retirement plan, and 18% plan to use crypto gains to start their businesses.
Despite the lackluster results on penetration, 48% of US crypto investors consider cryptocurrencies to be “the future of finance,“ which is the top reason to invest across all age groups. For many, cryptocurrencies are a culture and a part of their identities and beliefs backed and strengthened by the communities formed around them. Younger users see cryptocurrencies as a source of hope for the future and a path to accumulate wealth. 37% of crypto investors expect to earn high returns from their crypto investments, in the long run, 38% use them as a source of passive income, and 31% consider them a reliable store of value. Another 36% stated that cryptocurrencies are a trend that must be leveraged.
The “Fear of missing out” factor is still a key driving factor for crypto investors since 26% of respondents stated that they invest in cryptocurrencies to gain short-term returns, while more than 35% invest to diversify overall portfolios as a growing number of brands and platforms supporting cryptocurrency payments emerges, as many as 35% of users stated that they are buying crypto for its uses in transactions.
The KuCoin Into The Cryptoverse US Report indicates that a growing share of the US population is getting acquainted with cryptocurrencies, which have acquitted themselves as reliable investment assets with high yields. KuCoin believes that the penetration of decentralized technologies in US society will grow as sources of crypto-related information multiply and crypto payments become mainstream in light of the stabilization of the market. Click KuCoin Blog to download the full report.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
