Despite some significant headwinds, crypto adoption has remained steady in the United States and the United Kingdom over the past two years, according to a recent report by Gemini. The report, titled "2024 Global State of Crypto," was based on a survey of 6,000 people in five countries: the U.S., U.K., France, Singapore, and Turkey.
Key Findings from the Survey
The survey found that:
- In the United States, 21% of respondents owned cryptocurrency, which is unchanged from 2022.
- In the United Kingdom, 18% of respondents owned cryptocurrency, which is also unchanged from 2022.
- In France, ownership of digital assets increased to 18% from 16% over the same period.
- In Singapore, the figure fell from 30% to 26%.
Long-term Investment Potential and Regulatory Concerns
Almost two-thirds (65%) of respondents said they held cryptocurrency for its long-term investment potential. However, lack of regulatory clarity remains a significant barrier to ownership.
- In the U.S. and the U.K., 38% of people who didn’t own cryptocurrency cited regulatory concerns as a reason for not investing in the asset class.
- In France, 32% of people said the same.
- In Singapore, almost half (47%) of respondents said regulations were a concern.
ETFs Bring Growth to the Market
Spot exchange-traded funds (ETFs) have brought growth to the market, with 37% of holders in the U.S. saying they held some cryptocurrency via an ETF.
Allocation and Investment Goals
The majority of crypto holders said they wanted to allocate 5% or more to digital assets, according to the report.
- In the U.S., 62% of respondents said they planned to invest $1,000 or less in cryptocurrency.
- In the U.K., 55% of respondents said the same.
Gender Gap in Crypto Ownership
The gender gap in crypto ownership was slightly more pronounced in 2024 than 2022, with 69% of holders identifying as male and 31% female.
Voting Preferences and Digital Assets
A large majority (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.
What This Means for Crypto Investors
The steady adoption of cryptocurrency in the United States and the United Kingdom is a positive sign for investors. The long-term investment potential of digital assets, combined with growing regulatory clarity, may make this a good time to consider investing in crypto.
However, regulatory concerns remain a significant barrier to ownership, particularly in countries like Singapore where almost half of respondents said regulations were a concern. Investors should carefully consider these factors before making any investment decisions.
Conclusion
Crypto adoption has remained steady in the U.S. and the U.K. over the past two years, despite some significant headwinds. Regulatory clarity remains a barrier to ownership, but spot ETFs have brought growth to the market. The majority of crypto holders want to allocate 5% or more to digital assets, and investors should consider these factors before making any investment decisions.
Recommendations
Based on the findings of this report, here are some recommendations for investors:
- Consider investing in cryptocurrency as a long-term investment.
- Research regulatory clarity in your country before investing in crypto.
- Consider using spot ETFs to gain exposure to digital assets.
- Allocate at least 5% of your portfolio to digital assets.
By following these recommendations, investors can make informed decisions about their investments and take advantage of the growing adoption of cryptocurrency.
