New York-based exchange Gemini recently released a State of Cryptocurrency 2021 report, noting that more than 50% of investors interested in cryptocurrency are women and that approximately 14% of the U.S. population (approximately 21.2 million) holds cryptocurrency.
Gemini released its State of Cryptocurrency 2021 report, providing several indicators of U.S. market trends. The survey polled 3,000 investors and consumers between October and November 2020.
In the introduction section, Gemini notes that the arrival of institutions and companies such as PayPal and MicroStrategy have brought crypto into the spotlight. The report states that investment activity by potential investors will increase and a wider demographic distribution is likely to occur.
Overall, the survey looked at the profile, popular assets, knowledge level and confidence of current and potential investors. Interestingly, more than 50% of respondents said they would like to learn more about cryptocurrencies.
Surprisingly, 53% of investors who are “curious about virtual currencies” are women. The average age of this group is 44 years old, compared to the current average age of 38 for investors. This unique statistic prompts Gemini to believe that the average cryptocurrency holder may soon look different.
Not surprisingly, the most popular age group in the cryptocurrency space is millennials, followed by Generation Z. The firm notes that 14% of the U.S. population owns cryptocurrencies, which is a very large number. This level of growth suggests that cryptocurrencies are on the cusp of a transition to mainstream currency.
Among ethnic groups, cryptocurrencies are most popular among Caucasians. However, both Hispanics and Asian Americans/Pacific (3.340, -0.02, -0.60%) Islanders are below 15%. This also shows a change in demographics.
There is some variation in the knowledge of crypto assets among investors and those interested in the market. 95% of respondents said they knew about bitcoin, but only 38% knew about ethereum.
After noting the average awareness of U.S. adults, Gemini said education is important to turn “crypto-curious consumers …… into true crypto holders” – something the company is also working on. -Sixty percent of those curious about cryptocurrencies say they don’t know much about them.
Bitcoin’s popularity stems from the fact that it has become synonymous with cryptocurrency. This oldest of cryptocurrencies has gained notoriety since its inception and has only now attracted widespread retail attention.
Unlike the 2017 bull market, the current one is backed by institutions and large companies. This gives it a certain legitimacy and retail investors have more confidence in it.
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