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Crypto Retail Market Is Poised for a Rebound: Gemini
Adoption of digital assets has remained steady in the U.S. and the U.K. in recent years, despite significant headwinds, a survey by the crypto platform showed.
Sep 10, 2024, 11:00 a.m.
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- Crypto adoption has remained steady in the U.S. and the U.K. in the past two years, the report said.
- Gemini said 65% of those surveyed said they held crypto for its long-term investment potential.
- The majority of crypto owners said they wanted to allocate 5% or more to digital assets, the survey said.
Crypto adoption has remained steady in the U.S. and the U.K. in recent years, despite some significant headwinds, and the retail market now looks ready for a rebound, crypto platform Gemini said in its '2024 Global State of Crypto' report on Tuesday.
The report was based on a survey of 6,000 people in the U.S., U.K., France, Singapore and Turkey, and was carried out online from May 23 to June 28 this year.
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Crypto adoption was broadly unchanged in the U.S. and the U.K. from 2022 to 2024, at 21% and 18% respectively, the report said. Ownership of digital assets in France rose to 18% from 16% over the same period, while in Singapore this figure fell from 30% to 26%.
Almost two-thirds of those surveyed said they held crypto for its long-term investment potential, and 38% said they held the asset class as a hedge against inflation, Gemini said.
Still, lack of regularity clarity remains a barrier to ownership. In the U.S. and the U.K., 38% of people who didn't own crypto cited regulatory concerns as a reason for not investing in the asset class, the survey showed. In France, 32% of people said the same, and in Singapore almost half of respondents said regulations were a concern.
Spot exchange-traded funds (ETFs) have brought growth to the market, with 37% of holders in the U.S. saying they held some crypto via an ETF.
The majority of crypto holders said they wanted to allocate 5% or more to digital assets, the report noted.
The gender gap in crypto was slightly more pronounced in 2024 than 2022, the report said, with 69% of holders identifying as male and 31% female.
A large majority of 73% of crypto holders in the U.S. said they planned to consider a candidate's digital asset policies when they vote in the upcoming presidential election in November.
Read more: Bitcoin Could Hit $90K by Year End if Trump Becomes President Again: Bernstein
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