A study conducted by the Pew Research Center, a Washington DC-based non-partisan think tank, found that approximately 16% of American adults have invested in, traded, or used cryptocurrency.
In its report, Pew Research highlights that the crypto market turmoil has affected this demographic. About 46% of crypto users reported that their investment was worse than expected.
Only about 15% said their investments exceeded their expectations, while 31% almost broke even and 8% said they were unsure of their crypto portfolio’s performance.
The main reasons crypto users cited for making investments include investment diversification, as well as the fact that crypto is an easier asset class to invest in and has a lower barrier to entry.
The survey found that the same percentage of Americans – 2% – have invested in non-fungible tokens (NFTs). This is from 49% of survey participants who have heard of digital properties.
Pew Research notes that these statistics clearly show that the US crypto market has failed to record a significant increase in investors from 2021 despite increased media attention to the asset class.
“…the overall share of US adults who have ever invested in, traded or used cryptocurrency (also referred to as “crypto users” in this analysis) has not changed since September 2021. The lack of overall change comes despite strong attention to crypto in. news,” the report said.
This is the same reference survey is published back in November 2021 where it also found that 16% of US adults have invested, traded, or used cryptocurrencies.
The US lags behind other countries in crypto adoption
While the US is a hotspot for crypto companies with more than 1,800 crypto companies and more than 2,200 founders according to data from CrunchbaseThe US has lagged behind other countries in crypto uptake and interest.
Report by blockchain and crypto intelligence company Chainalysis The US ranks eighth, down from sixth, in the 2021 global crypto adoption index, with adoption in the country at 14%. According to Chainalysis, the biggest reason for the country’s decline is its ranking in P2P trade volume weighted for the internet-using population. However, the data also suggests increasing global crypto adoption.
Meanwhile, another study shows that many Americans who are not yet crypto users plan to do so before the end of 2022. The study conducted by climbingfound that about 56% of the US adult population, or about 46 million Americans, plan to invest in crypto during 2022.