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Alternative Market Briefing

Survey claims 36.5 million Americans own some form of cryptocurrency

Friday, October 25, 2019

Laxman Pai, Opalesque Asia:

The number of Americans who own cryptocurrencies has almost doubled in 2019 from 7.95% in 2018 to 14.4%, an increase of 81% in one year, according to a new survey by Finder.

That means roughly 36.5 million Americans own some form of cryptocurrency.

Of those holding a type of cryptocurrency in their digital wallets, the average total in crypto is $5,447. However, roughly three-quarters of respondents actually held less than this amount, which is probably why the median amount of cryptocurrency in our respondent's wallets was a more modest $360.

Whenever they hear crypto, most people think Bitcoin (BTC), the best-known coin, said the report. However, investors in BTC may have a wandering eye, with 55.4% of BTC owners also invested in another form of cryptocurrency.

Men own cryptocurrency at nearly twice the rate of women, with 19% of men surveyed saying they own a type of cryptocurrency versus just 10% of women. This equals about 23.6 million men and 12.9 million women.

Using the coin as a form of investment is the most common reason the vast majority of people choose to invest in crypto. So much so, it's the reason cited by 61% of our respondents who say they own a cryptocurrency.

Transaction payments are the second most common reason for using crypto at 29.3% (roughly 10.7 million Americans), followed by wanting to store their savings outside of traditional banks at 25.6% (about 9.3 million Americans).

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