In 2020 we witnessed institutional investors step forward in support of cryptocurrency; major companies like PayPal, MicroStrategy, and TIME put forward their bitcoin strategy to either support crypto payments or openly invest in it by adding the digital asset to their balance sheets.
Even as cryptocurrency continues to gain more mainstream acceptance, Gemini, a crypto trading platform owned by Tyler and Cameron Winklevoss, published a new survey on how attributes like gender, age, income, and location factor in their relationship and understanding of the crypto industry. The data was collected from a national survey spanning over 3,000 U.S. adults aged 18 to 65 with $40,000 or more in household income. the survey noted:
“This new research signals a valuable and welcome diversification of crypto’s investor base. A broader set of participants establishes a positive long-term evolution of the market,” said Noah Perlman, Chief Operating Officer at Gemini.
One of the key highlights of the report stated that the number of crypto investors is set to nearly double this year, with 13% of US adults planing to purchase crypto in the next 12 months. The survey noted:
“This adds up to approximately 19.3 million adults — which would nearly double the current crypto investor population,” the report noted.
In addition, older women made up the majority of the “crypto curious” — those on the brink of investing — and many of whom are nearing retirement. As many as 63% of respondents identified themselves as crypto-curious than those who are completely disinterested in crypto. Also, nearly 14% of the respondents now owned cryptocurrency.
The survey identified the potential growth of female crypto investors, which made up just 26% of current crypto holders when compared to those of crypto curious.
More women than men were among those interested in getting into crypto soon, they made up 53% of those who reported being crypto curious. Looking deeper, only a quarter of these crypto-curious women were under the age of 35, and 25% were near retirement at 55 or older.
Education was crucial in converting crypto-curious consumers to actual holders. 39% of those who don’t hold cryptocurrency considered themselves “somewhat or very” knowledgeable about cryptocurrency, but 60% identified as “not very” or “not at all” knowledgeable. A strong majority of respondents (77%) indicated they were open to learning more about digital assets.
Crypto certainly seemed biased towards young, male, and white: 74% of crypto holders are men, 77% of all crypto owners were under the age of 45, and 71% are white.
Here’s what the survey had to say about U.S. adults’ general knowledge about cryptocurrency. Bitcoin was almost synonymous with crypto, but few had heard of other coins. The vast majority of owners or crypto- curious (95%) had heard of bitcoin, while little more than one-third heard of Ethereum.