US crypto ownership expected to reach 20% in 2023

What

Crypto ownership in the US has now reached over 34 million people — according to a study by Insider Intelligence.

Why

Nazmul Islam, forecasting analyst at Insider Intelligence, attributed the increase to new apps that make purchasing cryptocurrency much easier, combined with the popularity of meme coins.

What next

Looking to the future, Islam said that younger people were more optimistic about cryptocurrency and were buying it to hold for the long term, whereas older investors were generally more sceptical and risk-averse but were increasingly adding them to retirement funds.

The story

The study also revealed adoption rates are expected to double throughout 2023 to around 68 million, resulting in 20% of Americans owning crypto.

This would be a significant milestone for US crypto adoption and could pave the way for CBDCs, as pointed out by David Morris, principal analyst at Insider Intelligence, who said stablecoin growth  “is helping alleviate asset volatility, and CBDC developments are spurring interest in crypto assets as a payment method. We also expect that more crypto options will be layered into how people pay, like cards and digital wallets. These factors should spur high crypto payment growth rates over the next few years.”

Other insights from the study showed a bullish picture for the future of crypto adoption, as well as showcasing the assets users are buying:

  • 3.6 million people are expected to make crypto payments in 2022, an increase of 69% from last year.
  • Payments made using cryptocurrencies will surpass $10 billion in total transaction value globally for the first time this year.
  • 25-34 was the largest demographic for crypto ownership — making up 11 million of US crypto holders.
  • The 65+ demographic was the smallest, with just 1.7% adoption rates.
  • Bitcoin is the most popular asset with 25.2 million holders.
  • Ethereum, the second-most popular asset, will reportedly have 13.1 million owners this year.

To learn more about Ethereum and other cryptocurrencies, visit our learning resource here.

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