A survey of the Pew Research Centera Washington DC-based think tank found that around 16% of American adults have invested, traded or used cryptocurrencies.
In its article, Pew Research pointed out that the turmoil in the cryptocurrency market has impacted this demographic. About 46% of these cryptocurrency users said their investment fell short of expectations.
Only around 15% said their investment exceeded expectations and 31% just broke even.
The main reasons given by cryptocurrency users to justify their investments are investment diversification, as well as the fact that crypto is an easier asset class to invest in and that barriers to entry are low.
The survey found that a very small percentage of Americans – 2% – had invested in non-fungible tokens (NFTs).
Pew Research noted that statistics, significantly, show that the US cryptocurrency market has failed to see a significant increase in investors since 2021, despite increased media attention for the asset class.
“… the overall share of American adults who have ever invested, traded or used a cryptocurrency (also referred to as” cryptocurrency users “in this analysis) has been unchanged since September 2021. This lack of general change comes despite strong focus on crypto in the news, “reads the survey.
This survey references another published in November 2021, which also found that 16% of American adults had invested, traded or used cryptocurrencies.
The United States is lagging behind other countries in adopting cryptocurrency
Although the US is full of cryptocurrency companies (1,800) and more than 2,200 founders according to data from Crunchy basethe US is lagging behind other countries when it comes to adoption and interest in cryptocurrencies.
Furthermore, a study by chain analysis, a blockchain and cryptocurrency analytics firm, ranked the United States eighth, compared to sixth, in its Global Cryptocurrency Adoption Index 2021, with a country adoption of 14%. According to Chainalysis, the main reason the country has declined is that the volume of population-weighted P2P trading via the Internet has decreased significantly. However, the data also suggests an increase in cryptocurrency adoption around the world.
Meanwhile, another survey shows that many more Americans who are not yet cryptocurrency users intend to become cryptocurrency users by the end of 2022. Ascent’s survey found that around 56% of the U.S. adult population, or approximately 46 million Americans plan to invest in cryptocurrencies in 2022.
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