Crypto: Buyers Went On a Spree in 2021

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Cryptos’ Northside is uncharted territory“–Paul Ebeling

Nearly 50% of all cryptocurrency owners in the United States, Latin America and Asia-Pacific purchased the digital assets for the 1st time in Y 2021, according to a new survey from US cryptocurrency exchange Gemini.

The survey of nearly 30,000 people across 20 countries, which was conducted between November 2021 and February 2022, shows Y 2021 was a blockbuster yr for crypto, with inflation in particular driving adoption in countries that have experienced currency devaluation, the report found.

Brazil and Indonesia lead the world in crypto adoption, Gemini found, with 41% of people surveyed in those countries reporting crypto ownership, compared with 20% in the United States and 18% in the UK.

Gemini found that 79% of people who reported owning crypto last year said they chose to purchase the digital assets for their long-term investment potential.

People who do not currently own crypto and live in countries that have experienced currency devaluation against the U.S. dollar were more than five times as likely to say they planned to purchase crypto as a hedge against inflation.

Only 16% of respondents in the United States and 15% in Europe agreed that cryptocurrencies hedge against inflation, compared with 64% in Indonesia and India.

Only 17% of Europeans reported that they owned digital assets in Y 2021, and only 7% of those who do not currently own crypto said they intended to buy digital assets at some point.

While the most popular cryptocurrency, bitcoin, has traded in the narrow range of $34,000-$47,000 for most of Y 2022 to date.

Have a prosperous week, Keep the Faith!