US Crypto Consumer Survey Results: Reasons Bitcoin Owners Invest in Digital Currencies

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crypto survey results

Cryptocurrencies like Bitcoin and Ethereum are becoming increasingly popular. These digital currencies are called cryptocurrencies because they rely on cryptography to maintain their networks rather than a central authority. This makes them decentralized networks. The financial markets have changed a lot since the beginning of the 21st century. A lot of people jumped into the stock market in the early 2000s.

They were looking for a better return on their investments. They invested in things like tech stocks, real estate, and other risky investments. Cryptocurrencies are another way for investors to get exposure to these new markets. And with the widespread adoption of cryptocurrency, it is becoming an increasingly popular way to invest

Twenty-three percent of U.S. consumers — an estimated 60 million people — own or have owned cryptocurrency, according to “The U.S. Crypto Consumer.” 
 Consumers own cryptocurrency in 16% of cases, and another 7% own it but not right now.

Current consumer ownership of financial instruments.

Approximately 55% of consumers own cryptocurrency as an investment to earn money.

Investment comes in second and fourth place. In a survey, 36% of consumers who have purchased cryptocurrency said they didn’t want to miss out on an investment opportunity, and 24% said they wanted to invest against inflation.

Consumers who purchase cryptocurrency most often know someone who owns it or has it. Consumers say they bought crypto for that reason 25 percent of the time.

Almost one-fifth of those who own cryptocurrency said they use it as a form of payment for several reasons – for creating more private financial transactions, to eliminate third parties from transactions, and to make financial transactions more efficient and secure.

Figure 4A
Reasons consumers have purchased cryptocurrency.

Although most consumers still view cryptocurrency as an investment rather than a payment method, that is rapidly changing among those who own crypto.

Cryptocurrency buyers – mainly wealthy millennials – buy everything from groceries to clothing to gaming and entertainment subscriptions using cryptocurrency.

Due to the U.S. economy’s digital transformation, consumers are becoming more and more interested in digital payment methods, which is making cryptocurrencies a viable payment option.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.