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A rising number of Americans own crypto
But adoption is far from widespread.
It’s been a tumultuous year for cryptocurrency. But that hasn’t stopped Americans from investing. In the last year, the number of Americans who own a cryptocurrency has almost doubled from 7.95% in 2018 to 14.4% in 2019, an increase of 81% in one year, according to a survey of 2,068 participants commissioned by Finder. That means roughly 36.5 million Americans own some form of crypto.
How invested are Americans in crypto?
Of those holding a type of cryptocurrency in their digital wallets, the average total in crypto is $5,447. However, roughly three-quarters of respondents actually held less than this amount, which is probably why the median amount of cryptocurrency in our respondent’s wallets was a more modest $360.
Bitcoin owners likely crypto polygamists
Whenever they hear crypto, most people think Bitcoin (BTC), the best-known coin. However, investors in BTC may have a wandering eye, with 55.4% of BTC owners also invested in another form of cryptocurrency.
Men more likely to invest in crypto than women
Men own cryptocurrency at nearly twice the rate of women, with 19% of men surveyed saying they own a type of cryptocurrency versus just 10% of women. This equals about 23.6 million men and 12.9 million women.
Why do we own crypto?
Using the coin as a form of investment is the most common reason the vast majority of people choose to invest in crypto. So much so, it’s the reason cited by 61% of our respondents who say they own a cryptocurrency. That’s an estimated 22.3 million Americans.
Transaction payments are the second most common reason for using crypto at 29.3% (roughly 10.7 million Americans), followed by wanting to store their savings outside of traditional banks at 25.6% (about 9.3 million Americans).
Sending money overseas is also a popular reason for owning crypto, with 18.2% of those surveyed saying it’s the reason they own coins, totaling some 6.6 million Americans. It makes sense, when you consider that sending $1 billion Bitcoin costs around $0.07, according to Vice.
Why aren’t people buying into digital currencies?
While an increase of people with a cryptocurrency is positive for the industry, the vast majority of Americans are not investing in digital currencies. And it sounds like many of those who don’t have cryptocurrency find the idea, well, a bit cryptic. Of the Americans we analyzed, 47.9% (about 103.4 million Americans) say it’s too complicated or difficult to understand. Closely following are people who say they either aren’t interested (45%) or think crypto is too much of a risk (23%).
Confused by crypto?
If you haven’t jumped on the cryptocurrency bandwagon, it’s OK you’re not alone. Only an estimated 85.6% of Americans choosing to put their money into a digital wallet.
However, if you’re one of the 103.4 million Americans that say the reason you’re not buying into cryptocurrency because it’s too complicated or difficult to understand, Finder may be able to help with our guide to cryptocurrency which contains key terms, providers and players in the crypto world.
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