Crypto adoption steady despite market decline

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According to Gemini’s “2024 Global State of Crypto Report,” cryptocurrency adoption has remained consistent across the US, UK, Singapore, and France since 2022, despite recent market declines.

The research shows that there is growth opportunity by winning back previous owners and attracting new investors. More than 70% of previous crypto owners say they are likely to buy crypto in the coming year.

Furthermore, around 65% of current owners are buying crypto with a long-term growth strategy. Notably, they even weathered the overall market cap crash of the top 100 cryptos in 2022, which fell from $2.7 trillion to $830 billion.

Bullish with majors

The majority (57%) of crypto owners are comfortable making crypto an important 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 that there will be more reason to be optimistic in 2024 than in the crypto winter of 2022.

The optimism is also significant when it comes to cryptocurrency adoption, with 60% of survey respondents saying they are confident that many businesses will accept crypto as a means of payment within the next decade.

Sales activity falls as trading continues

Sales activity has slowed, with 75% of former owners leaving the market more than six months ago.

“The percentage of investors who sold their crypto in the past six months is lower than the percentage who sold more than a year ago, indicating that many are holding on to their digital assets as the market has heated up this year,” the report said.

Additionally, more than one in four (29%) of crypto investors said they sold their crypto because they lost money on their investments.

In the US, UK and Singapore, 46% of respondents actively trade crypto for profit, while 34% do so in France. Inflation hedging motivates 34% of respondents in the US and UK and over 40% in France and Singapore.

Changing landscape in the US

In the US, 37% of crypto owners hold some of their money through an ETF, while 13% hold crypto exclusively through this method.

Additionally, crypto has become a major campaign issue in the US presidential election for the first time. 73% of respondents who own cryptocurrencies took a candidate’s stance on crypto into account when voting. 37% of them responded that a presidential candidate’s stance on crypto would have a significant impact on their vote for president.

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