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Nearly half of crypto owners first bought digital assets in 2021 -survey -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A financial institution of cryptocurrency miners operates on the Scrubgrass Plant in Kennerdale, Pennsylvania, U.S., March 8, 2022. Image taken March 8, 2022. REUTERS/Alan Freed/

By Hannah Lang

(Reuters) – Virtually half of all cryptocurrency house owners in the USA, Latin America and Asia Pacific bought the digital property for the primary time in 2021, based on a brand new survey from U.S. cryptocurrency trade Gemini.

The survey of almost 30,000 individuals throughout 20 nations, which was carried out between November 2021 and February 2022, exhibits 2021 was a blockbuster yr for crypto, with inflation particularly driving adoption in nations which have skilled forex devaluation, the report discovered.

Brazil and Indonesia lead the world in crypto adoption, Gemini discovered, with 41% of individuals surveyed in these nations reporting crypto possession, in contrast with 20% in the USA and 18% in the UK.

Gemini discovered that 79% of people that reported proudly owning crypto final yr mentioned they selected to buy the digital property for his or her long-term funding potential.

Individuals who don’t at present personal crypto and dwell in nations which have skilled forex devaluation in opposition to the U.S. greenback had been greater than 5 occasions as more likely to say they deliberate to buy crypto as a hedge in opposition to inflation.

Solely 16% of respondents in the USA and 15% in Europe agreed that cryptocurrencies hedge in opposition to inflation, in contrast with 64% in Indonesia and India, for instance.

The Indian rupee has declined 17.5% in opposition to the greenback within the final 5 years, whereas the Indonesian rupiah depreciated 50% in opposition to the greenback between 2011 and 2020.

Solely 17% of Europeans reported that they owned digital property in 2021, and solely 7% of those that don’t at present personal crypto mentioned they meant to purchase digital property in some unspecified time in the future.

It stays to be seen if the adoption momentum can preserve tempo this yr.

Whereas the preferred cryptocurrency, bitcoin, hit an all-time excessive of greater than $68,000 in November, serving to to push the worth of the cryptocurrency market to $3 trillion, based on CoinGecko, it has traded within the slim vary of $34,000-$44,000 for many of 2022 to date.

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