As much as the cryptocurrency industry is expanding, one of the greatest pieces of evidence of its growth is its increased use among everyday people for regular payments or simply as an investment tool. When currency first came on the scene, it was a very niche affair with very few people participating in it but it has since become a global phenomenon and with countries like China developing their own national currency and Facebook pushing its Libra token, individual use of cryptocurrency is only bound to grow in the next few years.
According to a recent survey by Finder, an Australian financial services firm, the number of American’s who use cryptocurrency has doubled in the last year from 7.95 percent to 14.4 percent.
The report states that about 36.4 million Americans would’ve held some sort of cryptocurrency to date based on their sample size studied of 2,068 people. According to the survey titled “A rising number of Americans own crypto,” the median amount of cryptocurrency held by americans is $360 while the average amount is $5,447.
In terms of cryptocurrencies held, the study found that 55.4 percent of Americans are crypto polygamists, meaning they hold both bitcoin and other cryptocurrencies and this can be seen as a means of spreading their investments around considering how volatile the cryptocurrency market tends to be. It was also found that men tend to hold cryptocurrency more than women as a 19 percent of respondents who were men had held some form of cryptocurrency compared to 10 percent of women who responded positively.
In terms of their motivations, 61 percent and stated that they hold cryptocurrency because it is a form of investment for them and this was followed by 29.3 percent who said that they use cryptocurrency because of his ease of transaction. Another 25.4 percent stated that they hold cryptocurrency as a store of wealth outside of traditional assets and these figures show that many individuals are seeing the benefits of cryptocurrency in terms of investment especially compared to the traditional financial markets.
In contrast, 47.9 percent responded stating that they do not use cryptocurrency because they think it is too complicated to understand and another 23 percent state that investing in cryptocurrency is risky.