Globally, perceptions of cryptocurrency have altered a lot, over the last few years – and the US is no exception to this. As a result, more people are adopting these forms of investments – but how high are the figures in America? Let’s find out…
Public perceptions of cryptocurrency and trading within this sphere have altered quite a lot over the last few years – nowhere more so than in the US. Rates of adopting crypto have risen steadily and that’s in part due to better knowledge about the different types of currency – whether it’s Bitcoin, Dogecoin, or Ethereum.
Here are a few statistics and explainers as to how the US views this form of financial technology and where it might potentially head in the next few years.
What are the recent cryptocurrency adoption rates in the US?
At the present moment, it’s estimated that just over 93 million US citizens own Bitcoin. There are many traders and professional financiers who are starting to make investments and do so through regulated companies like cryptosoho.com or other recommended sources.
Roughly 16% of US citizens have also traded cryptocurrency in the last few years – most people used Bitcoin or Ethereum.
In terms of the US’s global ranking for crypto investments, they stand at 8th in the world – that’s from a list of about 154 other countries that trade at the present moment.
Most people in the US who own crypto say they do it as a form of investment, rather than using it for payment purposes.
What makes investors choose crypto in the US?
Typically it’s younger investors who are driving trends. They’re often looking for investments with higher than average yields in a quick time. However, there are other factors at play and these include the fact that most states in the US are now becoming more crypto-friendly.
Secondly, more retailers are becoming crypto-aware and allowing it as an acceptable form of payment, and with that comes an increase in the number of brokers who are willing to adopt it too.
Third and finally are the celebrities who use crypto and acknowledge it and therefore have some influence over people’s decisions to invest (think about Tesla CEO Elon Musk – whether you loathe or love him, his influence is undeniable).
Crypto-related companies are also on the increase in the US, too. Start-ups and existing firms are doing all they can to promote and engage with new customers and investors.
Crypto adoption and sex and age variables
Let’s look now at how different sexes view crypto. Of the 93 million people who invest in this form of currency, 63% are male whilst 37% are female. However, the continual expansion of the industry and the increase in interest in cryptos as a form of investment are likely to increase the uptake for both sexes.
This was briefly touched on earlier but it’s young adults who lead the way in crypto investments. Roughly 15% of all investors fall into the 15-35 age range. This gradually falls as people’s age increases with the lowest adoption rates of 4% found in anyone aged over 65. Of the younger age groups, 3 in 10 adults aged between 18 and 29 say that they’ve invested in such currency.
Which states rank highest and lowest for crypto adoption?
There is currently a list of the ten most popular states in terms of crypto adoption. Out of these, California ranks the highest and the lowest is Massachusetts.
The state with the highest crypto value is currently Delaware, with New Hampshire sneaking in at number 10 (and preventing Massachusetts from taking last place in both polls).
Cryptocurrency continues to rise in popularity across the US and will only gain more traction as the years roll on and confidence in it as a trading and investment medium increases. Individual states are becoming more savvy and aware of the technicalities and legalities of such financial technology and are looking at ways to make it sustainable in the long term, too.
