A Look Into Geminis Report on US Crypto Markets in 2021: A Bullish Outlook

Gemini recently released a 2021 report on crypto in the US detailing where the United States population fits into the global crypto community.

By
John Tunney
on
May 26, 2021
Category:
Blockchain News

Who Owns Crypto in the US? 

A few days ago, Gemini, a large crypto currency exchange, put out an extensive report providing details on the United State’s population involvement with crypto currencies. Gemini’s report provides much insight as well as relevant statistics, which has been summarized below for the reader's convenience. 

The first major statistic Gemini’s report found was that they “estimate roughly 14% of the U.S. population owns cryptocurrency. This translates to 21.2 million U.S. adults who own cryptocurrency, and other studies estimate this number to be even higher.”

Gemini concluded that US interest in crypto is growing. So then who owns crypto? 

Gemini Reports that: 

  • 74% of crypto holders are men 
  • 77% of all crypto owners are under the age of 45
  • 71% are white
  • Data shows that the “average” cryptocurrency owner is a 38-year-old male making approximately $111k a year.” 
Source


Crypto Curious

The study goes on to report that, “26% of current crypto holders are women, yet we see the potential for this to change significantly. Women account for more than half (53%) of those interested in getting into crypto soon, representing a major potential shift. Roughly 13% of U.S. adults plan to purchase cryptocurrency in the next 12 months. This adds up to approximately 19.3 million adults — which would nearly double the current crypto investor population.”
Source
Gemini adds that: “It’s clear that crypto awareness is spreading, and acceptance is becoming more and more mainstream.”

What an Average Adult Knows About Crypto

Education appears to be critical in moving crypto-curious consumers from just interested to actual crypto holders. More than one-third (39%) of those people who don't yet own cryptocurrency think themselves “somewhat or very” knowledgeable about cryptocurrency.

On the flip side, Gemini’s report noted that “more than two-thirds of U.S. adults (77%) indicate they are open to learning more about digital assets, whether they already own cryptocurrency or not.”
Source


What do Crypto Owners Own and How do they Sell? 

As widespread interest grows, it appears to be growing fast. Nearly 9 out of  10 current crypto owners currently own or have owned bitcoin (87%), compared to Ethereum (36%), Bitcoin Cash (22%) and litecoin (21%). Bitcoin also seems to have the most hold power: while 87% report they have at some point owned bitcoin, 84% still have it in their portfolio.

Gemini went on to report that, “More than a quarter (26%) of current owners first acquired crypto in the last year, and a full 68% purchased crypto within the last two years. This shows crypto is no longer a niche investment reserved for early adopters”. 
Source

Further, Gemini has concluded a large portion of these holders are long-term investors, about 69% to be exact. As for the remaining users who actively trade, it can also be assumed that a majority is done in purchasing more crypto.

Gemini has reported that, “ While… 58% say they bought, sold, or traded crypto within the last three months — they also report that they buy and hold. This leads us to believe that this monthly activity is more likely buying rather than selling, as owners continue to accumulate more holdings,” supporting the claim.
Source

Concluding Thoughts

In Gemini’s comprehensive report of the U.S. crypto market, they believe there will be an increasingly diverse range of consumers investing in or planning to invest in crypto soon. They predict the amount of crypto investors to nearly double in 2021, widely broadening the reach of digital assets. They also expect those investors to hold on to their crypto for a long time. Gemini concludes that it is clear that crypto is shifting from an “insiders” investment opportunity to something a variety of people understand as a strategic part of a well-rounded portfolio.

The findings by Gemini are a huge win for bulls. The doubling of crypto investors would dramatically help prices rise, especially if the majority of new investors plan to hold long term. As the Gemini report concludes: ”The future of crypto looks bright, and we are excited about the influx of a more diverse audience to continue to shape that future.”

Gemini

Gemini is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. It is a New York trust company that is regulated by the New York State Department of Financial Services and was founded in 2014 by Cameron and Tyler Winklevoss

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John Tunney

John Tunney is an accomplished analyst and crypto enthusiast. The UCLA alum has been actively reporting and blogging for 3 years, and has a passion for all things finance.

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