Cryptocurrency becomes mainstream: new report of Morning Consult
By Kateryna Salnichenko 2101 18 Jul 2022
Morning Consult, a global analytics company, published a new report on the users’ attitude to cryptocurrencies in the U.S. and other countries.
The research showed that despite high volatility and unclear market outlook, digital assets could no longer be considered just a temporary hobby of some investors.
Representatives from the company’s industry, economic and geopolitical intelligence worked on the comprehensive report, The Crypto Report. The document argues that crypto market declines and general economic instability have not significantly impacted the desire of Americans and investors from other countries to own cryptocurrency.
Despite significant fluctuations in the Consumer Sentiment Index, holders of digital assets remain optimistic and confident in the normalization of the economic situation. At the same time, more U.S. users are convinced of the need for strict regulation of cryptocurrencies. As for developing countries, local investors are more loyal to virtual currencies and welcome the issuance of their own coins by central banks.
One of the report’s key messages is the gradual formation of a unified attitude towards digital currencies in different parts of the world. People are increasingly viewing cryptocurrencies only as a potentially valuable investment rather than long-term or safe-haven assets. This approach will help many investors avoid severe losses and disappointments in the face of global volatility.
Cryptocurrency is mainstream
Over the past few years, many Americans have started using cryptocurrency. But many holders still treat it as one of their portfolio assets and don’t rush to turn coins into a means of payment for everyday expenses.
In a survey conducted in May 2022, 17% of U.S. adults own digital assets. There was a tangible increase in the number of holders in July and December 2021, likely due to BTC drops and intense media and social media discussions.
The majority of investors were male, high-income millennials. The notable activity was observed from Generation Z, while baby boomers and Generation X did not show much interest in cryptocurrencies.
Bitcoin leads in the U.S.
The most popular coin among adult Americans is Bitcoin. Moreover, many investors believe that BTC and cryptocurrency are synonyms.
¾ of U.S. digital asset holders claim the presence of BTC in their portfolios. ETH and DOGE are in second and third place with a significant gap.
Cryptocurrency is an asset that will help make money
More than a third of digital currency holders treat them as a way to make money. But some of them note that they occasionally use coins for routine payments.
Yet the drop in confidence in virtual currencies amid the spring market crash hasn’t impacted consumer behavior much. Many consumers seek to purchase cryptocurrencies based on a “buy the dip” strategy and excitement.
Cryptocurrency won’t disappear
Since the summer of 2021, about 15% of Americans have consistently owned digital assets. At the same time, it is impossible to distinguish a single segment of users who manage cryptocurrency, although wealthy men and millennials acquire it more often.
The report demonstrates that the forecasts of the beginning of the fierce “crypto winter” do not scare consumers. They still actively purchase various coins and remain part of the growing cryptocurrency community.