A recent survey by KuCoin, a leading crypto exchange platform, shows a positive crypto pattern in the U.S. The report, “Into The Cryptoverse US,” aims to show the adoption of blockchain and digital currency in the U.S.
Findings reveal that the young generation of Americans and adults lead the way in the daily use of cryptocurrency for transactions. The report further indicates that many Americans are adopting digital currencies for transaction purposes.
Crypto Investment Sentiment Increasing
The report further provided insights into the user sentiment in the crypto space, with about 5% added to the industry. However, this is compared to the fourth quarter of last year, where less than 5% of new entries were recorded.
More than 8 million users have joined the decentralized ecosystem, representing a combined 50 million users. This new entry is in the United States alone. Moreover, these new users have traded crypto over the past six months or are planning to do so.
In terms of demography, it has been identified that close to 35% of the investors are women. This shows a 5% across a quarter as of the Q1 of 2022. Over 47% of the female investors were surveyed in the same period, which is lower than male users by 17%.
The Growing Interest in Cryptocurrency in the U.S.
The survey shows a growing interest in cryptocurrency adoption in the United States. Meanwhile, 59% of the respondents in the study affirmed that they are prepared to increase their crypto investment.
Furthermore, due to the huge generation gap between the participants, there is a 7% increase in users aged 42-50 years.
One important reason for the growing number of crypto users in the U.S. is the high yield in crypto investments. Users can earn more than $100,000 per annum, which has been a growing pattern.
Another reason is the expanded access to cryptocurrency education, as the survey shows. Close to 58% of digital currency investors will be familiar with cryptocurrency by Q1 of 2021. Likewise, about 71% of young crypto users claimed to get information from social media.
Most investors in the United States are shifting to digital assets to improve the quality of their life. Earning potentials have jumped as 37% of respondents stated that they have been earning from cryptocurrency since last year.
The demographic composition of those earning from cryptocurrency is Millennials, Generation Z, and X.
However, about 48% of crypto investors in the United States consider digital assets as the future of finance. This is the main reason for the increased investment across all the age groups in the study.
It is worth noting that diminishing incomes and the increased popularity of digital tokens led more users into the decentralized space. The popularity of digital assets on various social media sites has pushed people toward adopting cryptocurrency.
The Into The Cryptoverse US Report is initiated by KuCoin to provide data on the spread of blockchain and digital currency.