Defying the Odds: Crypto Adoption Defies Expectations, Thrives Amidst Turbulence

Crypto Adoption Remains Steady Despite Headwinds: Gemini Research Report

Key Findings:

Crypto adoption has remained stable in the US and UK over the past two years, according to the Gemini report.
65% of those surveyed said they hold crypto assets for their long-term investment potential.
* The majority of crypto owners said they would like to allocate 5% or more to crypto assets.

Stable Crypto Adoption in the US and UK

Cryptocurrency adoption has remained stable in the US and UK over the past few years, despite some major headwinds, and the retail market now appears poised for a rebound, according to a report by cryptocurrency platform Gemini. The report, titled “2024 Global State of Crypto,” is based on a survey of 6,000 people in the US, UK, France, Singapore, and Turkey, conducted online between May 23 and June 28 this year.

Crypto Penetration and Ownership

Crypto penetration remained roughly flat in the United States at 21% from 2022 to 2024, and in the UK at 18%. Over the same period, crypto ownership in France increased from 16% to 18%, while in Singapore it decreased from 30% to 26%.

Reasons for Holding Crypto Assets

Nearly two-thirds of those surveyed said they hold crypto assets for their long-term investment potential, while 38% said they hold the asset class as a hedge against inflation. A lack of clear regulation remains a major barrier to ownership, with 38% of people in the US and UK who don’t own crypto citing regulatory concerns as a reason for not investing in the asset class.

Growth in the Market

Physical ETFs (exchange-traded funds) appear to be driving growth in the market, with 37% of US crypto holders saying they hold their crypto assets through ETFs. The majority of cryptocurrency holders said they would like to allocate more than 5% to the asset.

Demographics and Voting

The report also states that the gender gap in cryptocurrency ownership is slightly larger in 2024 than in 2022, with 69% of cryptocurrency holders surveyed being male and 31% being female. 73% of American cryptocurrency holders say they plan to take candidates’ crypto policies into consideration when voting in the upcoming presidential election in November.