Steady Growth in Cryptocurrency Adoption: Insights from Gemini’s 2024 Report

Steady Growth in Crypto Adoption: Insights from Gemini’s 2024 Report

Despite facing notable challenges, the adoption of cryptocurrency has shown remarkable stability in both the United States and the United Kingdom in recent years. According to the ‘2024 Global State of Crypto’ report released by the crypto platform Gemini on Tuesday, the retail market appears poised for a resurgence. This comprehensive report is based on a survey conducted with 6,000 participants across the U.S., U.K., France, Singapore, and Turkey, which was carried out online from May 23 to June 28 of this year.

The findings reveal that crypto adoption has remained relatively unchanged from 2022 to 2024, with 21% of individuals in the U.S. and 18% in the U.K. identifying as crypto owners. In France, ownership of digital assets increased slightly from 16% to 18%, while Singapore experienced a decline from 30% to 26% during the same period.

A significant portion of respondents, nearly two-thirds, indicated that they hold cryptocurrencies primarily for their long-term investment potential. Furthermore, 38% of participants stated they view crypto as a hedge against inflation, reflecting a growing awareness of its utility in uncertain economic times.

However, regulatory uncertainty continues to pose a significant barrier to broader cryptocurrency ownership. Among those surveyed who do not own any crypto, 38% of respondents in both the U.S. and the U.K. cited regulatory concerns as a key reason for their hesitation to invest. In France, this concern was echoed by 32% of participants, while almost half of the respondents in Singapore expressed similar sentiments regarding regulations.

The emergence of spot exchange-traded funds (ETFs) has injected new growth into the market, with 37% of crypto holders in the U.S. reporting that they own some form of cryptocurrency through an ETF. Additionally, a substantial majority of crypto holders expressed a desire to allocate 5% or more of their investment portfolios to digital assets, indicating a strong interest in expanding their involvement in the crypto space.

When it comes to demographics, the gender gap in cryptocurrency ownership appears to have widened slightly in 2024 compared to 2022. According to the report, 69% of crypto holders identified as male, while 31% identified as female, highlighting ongoing disparities in participation across genders.

Lastly, a considerable 73% of crypto holders in the U.S. indicated that they plan to take a candidate’s policies on digital assets into account when voting in the upcoming presidential election in November, underscoring the increasing importance of cryptocurrency in the political landscape.