Despite significant market challenges, crypto adoption has remained steady in the U.S. and the U.K., signaling a potential rebound in the retail market, according to Gemini’s newly released 2024 Global State of Crypto report.
Based on a survey of 6,000 individuals across the U.S., U.K., France, Singapore, and Turkey conducted from May 23 to June 28, the report reveals that crypto adoption has remained consistent, with 21% of U.S. respondents and 18% of U.K. respondents holding digital assets in both 2022 and 2024. In contrast, France saw a rise in crypto ownership, moving from 16% to 18%, while Singapore experienced a dip from 30% to 26%.
Long-Term Investment and Inflation Hedge
Gemini’s survey found that nearly two-thirds of respondents held crypto primarily for its long-term investment potential, and 38% viewed it as a hedge against inflation. However, regulatory uncertainties remain a significant barrier, with 38% of non-crypto holders in the U.S. and U.K. citing regulatory concerns as the main reason for staying away from digital assets. This figure was 32% in France and nearly half in Singapore.
Spot ETFs Boost Growth
Spot exchange-traded funds (ETFs) have contributed to market growth, with 37% of U.S. holders now owning crypto through an ETF. The majority of crypto investors are looking to allocate at least 5% of their portfolios to digital assets.
Gender Gap and Political Impact
The gender gap in crypto ownership slightly widened, with 69% of holders identifying as male and 31% as female. Notably, 73% of U.S. crypto holders indicated that a candidate’s stance on digital assets would influence their vote in the upcoming 2024 presidential election.
Gemini’s findings point to a resilient crypto market poised for recovery, even amid ongoing regulatory concerns and market volatility.
