Despite significant market challenges, crypto adoption in the US and the UK has remained stable, signaling a potential recovery in the retail market, according to Gemini’s newly published 2024 Global State of Crypto report.
The report, based on a survey of 6,000 respondents from the US, UK, France, Singapore, and Turkey conducted between May 23 and June 28, finds that crypto adoption remains stable, with 21% of US respondents and 18% of UK respondents expecting to own digital assets in both 2022 and 2024.
In contrast, France saw an increase in crypto ownership from 16% to 18%, while Singapore saw a decrease from 30% to 26%.
Gemini’s survey revealed that nearly two-thirds of respondents hold crypto primarily for its long-term investment potential, with 38% viewing it as a hedge against inflation.
However, regulatory uncertainty remains a significant hurdle, with 38% of non-crypto holders in the US and UK citing regulatory concerns as the main reason for staying away from digital assets, compared to 32% in France and nearly half in Singapore.
Spot exchange-traded funds (ETFs) have contributed to the market’s growth, with 37% of investors in the US now owning crypto through an ETF. The majority of crypto investors want to allocate at least 5% of their portfolio to digital assets.
The gender gap in crypto ownership has widened slightly, with 69% of owners identifying as male and 31% as female.
Notably, 73% of US crypto holders said a candidate’s stance on digital assets would influence their vote in the upcoming 2024 presidential election.
Gemini's findings point to a resilient crypto market that is poised to recover even amid ongoing regulatory concerns and market volatility.
*This is not investment advice.