Key points
- 70% of previous cryptocurrency owners are likely to buy cryptocurrencies in the next year.
- 37% of US cryptocurrency owners own digital assets via ETFs.
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Cryptocurrency adoption has remained steady in the US, UK, Singapore and France since 2022, despite recent market declines, according to Gemini’s “Global State of Cryptocurrency Report 2024.”
The study reveals growth opportunities by bringing back previous owners and attracting new investors, as over 70% of previous cryptocurrency owners indicate they are likely to purchase cryptocurrencies in the next year.
Moreover, about 65% of current owners buy cryptocurrencies with a long-term growth strategy. It is worth noting that they even endured the decline in the total market capitalization of the top 100 cryptocurrencies in 2022, which fell from $2.7 trillion to $830 billion.
Optimistic about major currencies
The majority (57%) of cryptocurrency owners feel comfortable making cryptocurrencies a significant part of their investment portfolio.
Additionally, an average of 62.5% of respondents believe that Bitcoin (BTC) and Ethereum (ETH) prices will continue to rise over the next five years, while an average of 55% believe there are more reasons to be optimistic in 2024 than in the crypto winter of 2022.
Optimism is also significant regarding cryptocurrency adoption, with 60% of respondents sharing their belief that many businesses will accept cryptocurrencies as a form of payment within the next decade.
Sales activity has decreased while trading continues
Sales activity has slowed and 75% of previous owners left the market more than six months ago.
“The percentage of investors who sold their cryptocurrencies in the past six months is lower than the percentage who sold more than a year ago. This indicates that many are holding on to their digital assets as the market has heated up this year,” the report reads.
Additionally, more than one in four (29%) of cryptocurrency investors said the reason they sold their cryptocurrencies was because they lost money on their investments.
In the United States, the United Kingdom and Singapore, 46% of respondents actively trade cryptocurrencies for profit, while in France it is 34%. Hedging against inflation motivates 34% of respondents in the United States and the United Kingdom and more than 40% in France and Singapore.
The changing landscape in the United States
In the US, 37% of cryptocurrency owners hold part of their funds through an ETF, and 13% hold cryptocurrencies exclusively through this method.
Additionally, for the first time, cryptocurrencies have become a major campaign issue in a US presidential election: 73% of respondents who own cryptocurrencies consider a candidate’s stance on cryptocurrencies when voting, and 37% of them responded that a presidential candidate’s stance on cryptocurrencies would have a significant impact on their vote for president.
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