VICTORIA, Seychelles–(BUSINESS WIRE)–Global cryptocurrency exchange KuCoin has released the US report Into The Cryptoverse detailing statistics on the adoption of cryptocurrencies and blockchain technologies in the United States. The report provides important insights into the penetration of decentralized technologies and digital currencies in the financial and investment behavior of US citizens based on a survey of adults in the United States.
According to KuCoin’s survey, the share of crypto investors among US adults increased by 5% from the fourth quarter of 2021, equivalent to 8 million people entering the cryptocurrency investment market . As of March 2022, 50 million, or 27%, of American adults between the ages of 18 and 60 are crypto investors who currently own or have traded in the past six months.
The report also reveals key demographic shifts – in Q1 2022, women made up 35% of crypto investors, 5% more than the previous quarter. In Q1 2022, 47% of female crypto investors said they know how cryptocurrencies work and how to invest in them, which is 17% less than their male counterparts. 41% of female crypto investors claimed to understand basic cryptocurrency concepts, and another 12% only know cryptocurrency as a term. The results show that the cryptocurrency market has become less male-dominated and female crypto users have gradually increased. But at the same time, the gender gap in crypto literacy and confidence in crypto investing remains.
Interest in cryptocurrencies is considered high, as 53% of US cryptocurrency investors surveyed said they had doubled their money invested in cryptocurrencies in the first quarter of 2022. Meanwhile, 59% expect to increase their investment in cryptocurrencies over the next six months. The generation gap is also narrowing, with the share of 41-50 year olds increasing by 7% in the last quarter, cannibalizing the percentage of younger age groups.
The financial results of crypto investments played a vital role in the given share as those earning more than $100,000 per year increased by 7%. A contributing factor is a good level of familiarity with decentralized assets, as evidenced by Q1 2022 results, in which 58% of crypto investors said they knew how cryptocurrencies work and how to invest. in these. The given share is down 6% from the prior quarter, indicating more robust demand for crypto education. 68% of crypto investors say they actively learn about crypto on social media, an increase of 7% from the previous quarter. The number is highest among young investors aged 18-30, reaching 75% in the first quarter of 2022.
The top sources of crypto news are social media, as 46% of respondents said they learned their knowledge from YouTube, which is more prevalent than most crypto-specific data and news platforms. 32% of crypto investors find their data on Facebook, 25% on Twitter and 24% on Instagram via searches for crypto-related content.
Improving the quality of life is a predominant factor for cryptocurrency investments among 37% of users, while 22% do so to buy things they enjoy. Financial freedom is a top goal for 27% of crypto investors, who hope to leverage cryptocurrency investments to free themselves from 9-to-5 work routines. Motivation is strong among Millennials and Gen Z, and older Generation X. 28% of crypto investors over 50 are betting on crypto as part of their early retirement plan, and 18% plan to use crypto earnings to start their business.
Despite the lackluster penetration results, 48% of US crypto investors see cryptocurrencies as “the future of finance,” which is the top reason for investing across all age groups. For many, cryptocurrencies are a culture and part of their identities and beliefs supported and reinforced by the communities formed around them. Younger users see cryptocurrencies as a source of hope for the future and a pathway to accumulating wealth. 37% of crypto investors expect to get high returns from their crypto investments, over the long term, 38% use them as a source of passive income, and 31% see them as a reliable store of value. Another 36% said cryptocurrencies are a trend that needs to be tapped into.
The “Fear of missing out” factor is still a key driver for crypto investors as 26% of respondents said they invest in cryptocurrencies to gain short-term returns, while over 35% invest to diversify global wallets as a growing number of brands and platforms that support cryptocurrency payments emerge, up to 35% of users said they buy crypto for its uses in transactions .
The KuCoin Into The Cryptoverse US report indicates that a growing share of the US population is becoming familiar with cryptocurrencies, which have established themselves as reliable high-yielding investment assets. KuCoin believes that the penetration of decentralized technologies in American society will increase as sources of crypto-related information multiply and crypto payments become mainstream in light of market stabilization. Click on KuCoin Blog to download the full report.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusivity and reach for community action, it offers over 700 digital assets and currently offers spot trading, margin trading, fiat P2P trading, term, staking and lending to its 18 million users in 207 countries. and regions.
In 2022, KuCoin raised over $150 million in investments in a pre-Series B round, bringing total investments to $170 million with the combined A round, for a total valuation of $10 billion. of dollars. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the best crypto app for enthusiasts.
To learn more, visit https://www.kucoin.com.