![Gemini: Crypto adoption steady despite market downturn Gemini: Crypto adoption steady despite market downturn](https://static.cryptobriefing.com/wp-content/uploads/2024/04/05153217/follow-us-on-google-news.png)
Gemini: Crypto adoption steady despite market downturn
Key Takeaways
- 70% of past crypto owners likely to buy crypto in the next year.
- 37% of US crypto owners hold digital assets through ETFs.
Share this article
Crypto adoption remained consistent in the US, UK, Singapore, and France since 2022, despite recent market downturns, according to Gemini’s “2024 Global State of Crypto Report.”
The study reveals opportunities for growth by recapturing past owners and attracting new investors, as over 70% of past crypto owners indicate they are likely to buy cryptocurrency in the next year.
Moreover, approximately 65% of current owners purchase crypto with a long-term growth strategy. Notably, they even stomached the total market cap crash of the top 100 crypto in 2022, which fell from $2.7 trillion to $830 billion.
Bullish with majors
The majority (57%) of crypto owners are comfortable making crypto a significant part of their investment portfolio.
Additionally, an average of 62.5% of the respondents believe that the prices for Bitcoin (BTC) and Ethereum (ETH) will keep going up for the next five years, while an average of 55% believe there’s more reason to be bullish in 2024 than in the 2022’s crypto winter.
The bullishness is also significant about crypto adoption, as 60% of respondents in the survey shared their belief that many companies will accept crypto as a form of payment within the next decade.
Selling activity is down while trading keeps going
Selling activity has slowed, with 75% of past owners exiting the market more than six months ago.
“The percentage of investors who sold their crypto in the past six months is lower than the percentage who sold more than a year ago. This indicates many are holding their digital assets as the market has warmed this year,” the report reads.
Furthermore, more than one in four (29%) of crypto investors said the reason they sold their crypto was that they lost money on their investments.
In the US, UK, and Singapore, 46% of respondents actively trade crypto for profits, while 34% do so in France. Inflation hedging motivates 34% of US and UK respondents and over 40% in France and Singapore.
Changing landscape in the US
In the US, 37% of crypto owners hold some of their funds through an ETF, with 13% owning crypto exclusively through this method.
Moreover, for the first time, crypto has become a significant campaign issue in a US presidential election, with 73% of crypto-owning respondents considering a candidate’s stance on crypto when voting and 37% of them answered that a presidential candidateʼs position on crypto would have a significant impact on their vote for president.
Share this article
Go to Source
Author: Gino Matos