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nySeptember 10, 2024 — Immediately, cryptocurrency platform Gemini launched its report on the worldwide state of crypto in 2024, revealing that crypto adoption is steady throughout the US (21%) and UK (18%) from 2022 to 2024. The variety of crypto house owners in France (18%) elevated barely from 2022 (16%), whereas Singapore's possession fee decreased barely from 30% to 26%.
The consistency in holdings is due partly to crypto house owners’ attitudes in the direction of the asset class: Practically two in three (65%) crypto house owners in these areas report shopping for and holding crypto for its long-term funding potential, and practically two in 5 (38%) maintain crypto as a hedge in opposition to inflation.
The worth of the general cryptocurrency market has declined since 2022, hitting a two-year low of $796 billion following a file excessive of $3 trillion in November 2021. The variety of previous holders has elevated barely in every area, suggesting that some cryptocurrency holders exited the market throughout the downturn. Nonetheless, greater than 70% of previous holders in the USA, United Kingdom, France and Singapore reported a potential return to the market.
Different key findings embrace:
- Lack of regulatory readability creates a barrier to entry. Within the US and UK, roughly two in 5 (38%) non-crypto holders cited regulatory considerations as a barrier to investing in crypto. In France, roughly one in three (32%) stated the identical, whereas in Singapore, roughly half of respondents (49%) stated crypto regulation was a priority.
- The vast majority of crypto house owners need to allocate greater than 5% to digital property. The vast majority of cryptocurrency house owners (57%) say they’d be snug making cryptocurrencies a big a part of their funding portfolio. A couple of in 4 (27%) who held cryptocurrencies prior to now say the identical, suggesting that many could re-enter the cryptocurrency market within the close to future.
- Whereas the gender hole in cryptocurrency possession nonetheless exists, ladies are simply as prone to maintain cryptocurrency. The distinction in possession between women and men is barely extra pronounced in 2024 in comparison with 2022, with 69% of crypto house owners figuring out as male and 31% as feminine, up from 58% and 42%, respectively, in 2022. Nonetheless, ladies who’re already within the crypto market are simply as seemingly as males to purchase and maintain for the long run.
- Spot Crypto Trade-Traded Funds (ETFs) Deliver Progress: Within the U.S., practically two in 5 (37%) crypto holders surveyed stated they maintain their crypto property by way of ETFs, whereas a couple of in ten (13%) maintain their crypto property completely by way of ETFs, suggesting they entered the market by way of ETFs launched this 12 months.
- For the primary time, cryptocurrencies have turn out to be a problem in a US election. A majority of US cryptocurrency holders (73%) plan to contemplate candidates' insurance policies in the direction of digital property when voting for the subsequent US president.
“Crypto buyers have confirmed their resilience by way of quite a few market cycles over time, and the latest downturn was no exception,” stated Marshall Beard, COO at Gemini. “With the introduction of spot crypto ETFs within the U.S. and important strides towards considerate regulation in lots of jurisdictions all over the world, the trade is positioned for robust progress as retail buyers re-enter the crypto market or enter it for the primary time.”
The international locations surveyed within the 2024 State of Cryptocurrency examine have been chosen as a result of they’re international locations through which Gemini presently operates or is contemplating doing enterprise sooner or later. Gemini surveyed the USA, the UK, France, Singapore and, for the primary time this 12 months, Turkey.
Turkey is overwhelmingly favorable in the direction of cryptocurrency, with the vast majority of respondents (58%) reporting that they personal cryptocurrency. A good bigger majority (65%) say they’re prone to buy cryptocurrency throughout the subsequent 12 months. Cryptocurrency house owners in Turkey are additionally considerably extra prone to actively commerce cryptocurrency (62%) in comparison with house owners in different international locations surveyed (43%).
Methodology
The survey was commissioned by Gemini by Knowledge Pushed Consulting Group and performed on-line from Might 23, 2024 to June 28, 2024. The general pattern was balanced and broadly consultant of every nation's grownup inhabitants aged 18-75 with a family revenue of US$14,000 or extra. Knowledge cited within the report as “2022” is from a survey performed on-line from November 23, 2021 to February 4, 2022, additionally commissioned by Gemini by Knowledge Pushed Consulting Group.
About Gemini
Gemini is a platform the place you should purchase, promote, retailer and earn cryptocurrencies like Bitcoin and Ethereum. Gemini's easy, dependable and safe merchandise are constructed to usher within the subsequent period of monetary, artistic and private freedom. Gemini was based in 2014 by twin brothers Cameron and Tyler Winklevoss.
