19 Million Americans May Start Buying Crypto This Year, Survey Shows
Crypto mania is far from over. According to a recent survey, the number of Americans buying crypto will nearly double within a year.
There may be a much larger and more diverse group of Americans who own crypto by this time next year. That's based on a survey conducted by Gemini exchange, one of the most popular cryptocurrency exchanges available in the United States.
For its 2021 State of U.S. Crypto Report, Gemini surveyed U.S. consumers to gauge their interest in crypto and their crypto buying habits. Here's all the notable data, including how many Americans are crypto owners or crypto curious, as well as the demographics of each group.
How many Americans buy crypto?
Gemini asked respondents if they were interested in or currently owned crypto. Here were the results:
- 14% were current crypto owners
- 63% were crypto curious, meaning they either want to learn more about crypto or are planning to buy soon
- 23% were disinterested in crypto
Based on that, Gemini estimates that 21.2 million U.S. adults (14% of the adult population) own crypto. The majority of them are fairly new to crypto; 68% first acquired their crypto within the last two years, with 26% first acquiring crypto in the last year.
Of the 63% who are crypto curious, 13% said that they planned to buy crypto within the next 12 months. If that holds true, there will be 19.3 million adults who buy crypto in 12 months, bringing the number of U.S. crypto owners to over 40 million.
That gives us an idea of how many people buy crypto or plan to start soon. There's an equally important question -- who buys crypto? The answer a year from now could be much different than the answer today.
Demographics of crypto owners and the crypto curious
Right now, crypto owners tend to be young white males with high incomes. Of the respondents who reported that they own crypto:
- 74% are male
- 71% are white
- The average age is 38, and 77% are under the age of 45
- The average household income is $111,000
- 52% live in suburban or urban areas
- 26% live in small towns or rural areas
These crypto demographics seem to be changing. Among the crypto curious, a much larger percentage are female, the average age is higher, and more live in small towns or rural areas. Here's the demographic information for the crypto curious:
- 53% are female
- 76% are white
- The average age is 44
- The average household income is $107,000
- 46% live in suburban or urban areas
- 35% live in small towns or rural areas
This group is still predominantly white. In fact, there's a higher percentage of white Americans in the crypto curious group than the current crop of crypto owners. And it's still mainly high-income Americans who own or have an interest in crypto.
However, on a positive note, the numbers make it clear that crypto is attracting a more diverse group of people. Women and slightly older Americans, in particular, are showing much more interest in crypto overall.
A growing number of crypto enthusiasts
It may seem like crypto is already extremely popular, but it's more likely that this is just the beginning. According to Gemini's survey, nearly three-quarters of Americans either own crypto or are interested in it.
That's good news if you're a crypto investor or you're part of the crypto curious. It benefits crypto overall when more people invest, because prices go up and interest spreads.
There are some important things to remember about crypto, though. Cryptocurrencies can be very volatile, so never invest more than you're willing to lose. It's also recommended that you only put a small portion of your investment portfolio in crypto. The majority of your money is still better off in more stable investments, such as buying stocks.
Crypto scams are also extremely common. Just a few weeks ago, Texas shut down fraudulent crypto traders that attracted investors with false claims. If you're going to buy crypto, pick one of the best cryptocurrency exchanges and apps so you can minimize your risk.
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