A study found that crypto users in the U.S. have quadrupled in two years, and about 43 million citizens hold digital assets in 2022.
According to the study by JPMorgan Chase & Co, the biggest American multinational financial conglomerate, about 13% of the U.S. population hold crypto-assets in various forms.
The research is based on data from over 5 million Americans with bank accounts. Thus, approximately 600,000 customers transferred fiat funds to cryptocurrency exchanges or other crypto-asset providers between 2020 and 2022.
Analysts at JPMorgan claim that in 2020, a similar study showed that their customers conducted such transactions much less frequently. For example, only 3% of Americans owned crypto two years ago, compared to 13% this year.
Experts also revealed that users began actively buying cryptocurrencies once BTC started going up in price. The intensity of transfer activity in 2022 correlates with digital asset price movements. JPMorgan analysts called it “herd-like behavior.”
Earlier, the study showed that American users see crypto as “fast buck” and consider digital assets an opportunity to get rich quickly.
Moreover, this year Americans were buying cryptocurrencies for fiat and storing it in crypto accounts. The number of reverse transactions to exchange digital assets for cash was much lower. Analysts noted that the bank’s clients started actively converting cryptocurrencies into fiat only once — after a significant drop in BTC in March.
As for the demographics, the research showed that American men are twice as likely to invest in crypto as women. However, the younger generation is much more interested in digital assets. About 25% of millennials (25-40 years old) invested in the crypto market an amount equal to a weekly salary. At the same time, only around 5% of baby boomers (58-77 years old) invested a small portion of their income in digital assets.
American millennials strongly consider cryptocurrency as a retirement savings, and about half of them use 401(k) savings accounts for this purpose.
