Number of Bitcoin Holders Increasing in the US
Cryptocurrency adoption has increased in the US, with 13% of American adults currently holding crypto, compared to 10% in January 2022, according to a recent report from personal finance comparison site Finder.com.
The survey shows that men in the US are more likely to own crypto, as they make up 74% of crypto holders, with women making up the remaining 26%.
According to data from Finder.com, the most popular coin among US crypto holders is Bitcoin with 36%, followed by Ethereum (ETH) and dogecoin (DOGE) with 25%.
Finder's crypto expert, James Edwards, said it was surprising that there was no drop in crypto adoption over the past six months given the significant drop in the global crypto market.
“We saw a drop in Bitcoin price in early May and June that led to drops in crypto ownership in other markets,” Edwards added.
"However, looking at Google Trends searches for "buy bitcoin" in the US increased weekly as the price fell, indicating that consumers are hoping to buy from the bottom."
Edwards warned that cryptocurrencies are a highly volatile industry and you should never invest so much that you can't afford to lose. “You should also pay attention to the cost of trading to make sure that the trading fees you have to pay when trading does not adversely affect any earnings,” Edwards said.
A report by DappRadar in April showed that crypto adoption continues despite challenges posed by rising interest rates and falling stock prices, with developing countries having the highest rate of crypto adoption worldwide.
At the same time, a study by crypto exchange Gemini earlier this year showed that countries with high inflation rates are more likely to adopt cryptocurrencies.