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Home»BLOCKCHAIN NEWS»Cryptocurrency adoption remains stable despite market downturn
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Cryptocurrency adoption remains stable despite market downturn

By Crypto FlexsSeptember 10, 20243 Mins Read
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Cryptocurrency adoption remains stable despite market downturn
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Key Points

  • 70% of past cryptocurrency owners are likely to buy cryptocurrency in the next year.
  • 37% of US cryptocurrency owners hold digital assets via ETFs

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According to Gemini’s “2024 Global State of Crypto Report,” cryptocurrency adoption has remained steady in the US, UK, Singapore, and France since 2022, despite recent market downturns.

The study shows that there is an opportunity for growth by bringing back past owners and attracting new investors. More than 70% of past cryptocurrency owners said they are likely to buy cryptocurrency in the next year.

Moreover, about 65% of current owners buy cryptocurrencies as a long-term growth strategy. It is noteworthy that the total market cap of the top 100 cryptocurrencies in 2022 has withstood a plunge from $2.7 trillion to $830 billion.

Strong on major stocks

The majority of cryptocurrency owners (57%) are satisfied with having cryptocurrencies as a significant part of their investment portfolio.

Additionally, 62.5% of respondents believe that the prices of Bitcoin (BTC) and Ethereum (ETH) will continue to rise over the next five years, while an average of 55% believe there are more reasons to be bullish in 2024 than in the crypto winter of 2022.

There is also considerable bullish sentiment on cryptocurrency adoption, with 60% of survey respondents believing that many companies will accept cryptocurrencies as a means of payment within the next 10 years.

Sales activity has declined, but transactions are continuing.

Sales activity has slowed, with 75% of previous owners leaving the market within six months.

“The percentage of investors who sold cryptocurrencies in the past six months is lower than the percentage of investors who sold more than a year ago, indicating that many people are holding digital assets as markets have warmed this year,” the report states.

Additionally, more than one in four cryptocurrency investors (29%) said they sold their cryptocurrencies because they lost money on their investment.

sapphire

In the US, UK and Singapore, 46% of respondents actively trade cryptocurrencies for profit, compared to 34% in France. Inflation hedging motivates 34% of US and UK respondents, and more than 40% in France and Singapore.

The Changing Landscape in America

In the US, 37% of cryptocurrency owners hold some of their funds through ETFs, while 13% only hold crypto this way.

Moreover, cryptocurrencies have become a major campaign issue for the first time in the US presidential election, with 73% of respondents who own cryptocurrency saying they consider a candidate’s stance on cryptocurrencies when voting, and 37% of them saying a presidential candidate’s stance on cryptocurrencies would have a significant impact on their vote.

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