Nearly two-thirds of U.S. adults are either planning to buy crypto soon, or are at least interested in learning more about the market, according to a new survey.
Released by the major U.S. cryptocurrency exchange Gemini, the 2021 State of U.S. Crypto Report found that the number of cryptocurrency owners is set to double this year — with another 13% adults set to join the 14% that already own digital assets. That would amount to another 19.3 million Americans entering the market this year, taking the total number of crypto holders above 40 million. Gemini said:
“It’s clear that crypto awareness is spreading, and acceptance is becoming more and more mainstream. Our survey revealed that there are many more people who are crypto curious than who are completely disinterested in crypto, which is promising for the future of crypto’s growth.”
Beyond that, the profile of the “average” crypto holder is changing, the survey of 3,000 adults with household incomes of at least $40,000 found.
Most notably, more than half of these “crypto-curious” consumers — 53% — are women. That’s more than double the 26% of current cryptocurrency owners who are female. The survey added:
“We see an even more interesting shift in age: 45% of current female crypto owners are under the age of 35, and just 4% are 55 or older. But among crypto-curious women, only about a quarter are under the age of 35, and a notable 25% are 55 or older. Women are not only poised to make up a larger portion of the next wave of crypto buyers, they’re also more likely to be women nearing retirement.”
That mirrors a shift in the age of crypto owners in general. The average age of current investors is 38, but among the crypto curious, that rises to 44.
Still Wealthy and White
While the gender and age of cryptocurrency owners may be getting more diverse, it still remains an overwhelmingly white and wealthy group.
Overall, the survey found 71% of all crypto owners are white. That compares with just 13% who identified themselves as Hispanic, Latino, or Mexican, and 9% who are black or African American — substantially less than each group’s percentage of the population as a whole, according to the U.S. Census Bureau. While Asian American/Pacific Islanders only make up 10% of crypto buyers, it’s worth noting that they only make up 6.1% of the population as a whole.
Crypto still appeals to a well-off crowd, the report found. While it predicted that more than a quarter of the U.S. population — 27% — will soon own cryptocurrencies, the average household income will only drop from the $111,000 to $107,000.
Nonetheless, Gemini sees the reach of cryptocurrency “drastically broadening” and planning to hold onto their crypto investments for the long haul:
“It’s clear that crypto is shifting from an ‘insiders’ investment opportunity to something a variety of people understand as a strategic part of a well-rounded portfolio.”