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Is it true that 46 million Americans really own crypto?

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The weekly news magazine Newsweek published an article titled “46 Million Americans Now Own Bitcoin As Crypto Goes Mainstream”.

Another interesting finding highlighted by Newsweek was that 53% of respondents said they don’t own digital assets. But 55% of them indicated that they would consider adding crypto to their portfolio.

This data was taken from a survey conducted from January 6 to 7 by the New York Digital Investment Group.

In the first stage of the survey, 1,050 participants took part with an income of more than $ 50,000. The second survey was conducted among 2,184 Americans.

YouGov Research

Indeed, most Americans are well aware of digital assets.

Several recent sociological studies have shown confidently that the spread of crypto in society is increasing. Thus, according to a YouGov study, 79% of Americans know about Bitcoin, and a third of those surveyed are confident that Bitcoin will become a mass phenomenon within the next ten years. It is worth noting that according to YouGov, of the 79% of Americans who know about Bitcoin, 11% have invested in them.

36% of Americans are confident that in the near future they will be able to pay for goods and services with crypto. Indeed, there is movement from the business side. According to Chainalysis, on average, about 10% of companies in the US that trade in goods and provide services to the population in the US have started accepting cryptocurrencies.

Where did these numbers come from?

Users of the popular Internet forum Reddit questioned the reliability of the data.

Indeed, the data of their research cannot be completely objective. It is possible that the matter is in the methodology of the NYDIG survey.

The data is based on two surveys conducted by the firm – in January and March this year. However, it should be borne in mind that they interviewed fairly wealthy people with an income of $ 50,000 per year, who usually have savings.

However, it is somewhat incorrect to extrapolate this data to the entire US population. And this confirmed by a recent survey of the Gemini cryptocurrency exchange, which attended by about 3,000 Americans. According to this study, 14% of Americans own crypto, which analysts transferred to 21.3 million people. That is, half as much as in the Newsweek publication.

Either way, the adoption of crypto among Americans is growing. According to Gemini, 63% of those surveyed would like to invest in bitcoin and other digital assets in the future. A Mastercard survey showed that 40% of respondents would like to use crypto for payments.

Crypto demand has really grown

Demand for a more scarce asset – Bitcoin has grown during the pandemic and is not slowing down. The main driver of growth in the value of top cryptocurrency assets is an increase in the volume of non-cash payments. Millennials and Gen Z are gradually becoming the main consumer pool, and they are more likely to use digital payments than Gen X and baby boomers.

For medium-term and novice investors, Bitcoin, Ethereum and other crypto are an excellent option for financial investments, since, due to their high volatility, they can bring three-digit profits in just a few weeks.

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