41% of crypto owners purchased crypto for first time in ‘transformational’ year, study finds

What

41% of crypto owners surveyed globally purchased crypto for the first time in 2021

Why 

The study found that countries with 50% or more devaluation against the dollar over the past 10 years were five times more likely to say they plan to purchase crypto in the current year

What next

The majority of respondents in Latin America (59%) and Africa (58%), where many have experienced long-term hyperinflation, say that crypto is the future of money

The story

Research commissioned by Gemini and Data-Driven Consulting Group has revealed that 41% of crypto owners surveyed globally purchased crypto for the first time in 2021. More than half of crypto owners in Brazil (51%), Hong Kong (51%), and India (54%) got started in 2021.  

Inflation appeared to be a primary driver in adoption, with respondents in countries that have experienced 50% or more devaluation of their currency against the USD over the last 10 years more than 5 times likely to say they plan to purchase crypto in the coming year.

Regulation was also cited as a concern globally. Among non-owners, 39% in Asia Pacific, 37% in Latin America, and 36% in Europe say there is legal uncertainty around cryptocurrency. In addition, for 30% of respondents in the Middle East, 24% in Asia Pacific, and 23% in Latin America, the tax complexities of owning cryptocurrency have kept them from investing in crypto.

The research also revealed that education continues to be the greatest barrier to ownership, with respondents almost twice as likely to say that more educational resources on cryptocurrency would help them get started with crypto.

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