According to a survey by US crypto exchange Gemini, more than half of Bitcoin and cryptocurrency holders in the US would have made their first purchase only last year or in 2020.
Bitcoin purchases increase in the past 2 years
The Gemini State of US Crypto Report 2021 is based on a total sample of 3,000 US adults aged 18-65 with $40,000 or more in annual household income surveyed in late 2021.
10% of respondents said they had purchased cryptocurrencies for the first time in the previous six months, and 16% between six and 12 months earlier. Hence, 26% stated that they had purchased in 2021.
42% said they purchased between one and two years earlier, which is 2020. In total therefore, as many as 68% of respondents said they had purchased in 2020 or 2021.
Of these, 87% said they had purchased Bitcoin, while 36% Ethereum. It is worth noting, however, that the average value of BTC owned (about $8,500) is lower than that of ETH (about $10,000).
The majority of current cryptocurrency owners say they bought them as a long-term investment, so much so that more than two-thirds (69%) say they hold the cryptocurrencies they bought, while only 36% bought to resell in the short term.
Moreover, 58% say they have made purchases, sales, or trades in the past three months.
The situation in 2022 may have changed, so much so that in July, for example, as many as 4,376 BTC (more than $104 million) were sent to exchange wallets.
JUST IN: 4,376 $BTC ($104.1 million) has been added to exchanges in the last 30 days.
— Watcher.Guru (@WatcherGuru) July 31, 2022
The report takes a snapshot of the situation at the end of 2021, which in the course of 2022 may have evolved.
There is one data point that seems to reveal rather clearly that interest has not waned at all.
In fact, according to a recent survey conducted by Deloitte, 75% of US merchants plan to accept cryptocurrency or stablecoin payments within the next two years.
Certainly, this survey was influenced by the fact that the question was not only about actual cryptocurrencies, but also about stablecoins, since accepting stablecoins presents far less risk for a retailer.
This should not be underestimated at all both because it was carried out in collaboration with PayPal and because 2,000 senior executives from retail organizations were surveyed between 3 and 16 December 2021.
It is important not to overlook the fact that merchants often pay significant fees on fiat currency receipts, while fees on cryptocurrency payments are low and mostly borne by the buyer.
For example, yesterday someone transferred more than $80 million in BTC paying a fee of less than $5, or 0.00000559% of the amount transferred.
Someone transferred $80,030,000 in #Bitcoin and paid a fee of $4.47.
That’s a transaction fee of 0.00000559%
No government bank or third party had to verify the transaction, nor could they have STOPPED IT, if they wanted to.
— Watcher.Guru (@WatcherGuru) July 31, 2022
For large payments or transfers, cryptocurrencies offer fees that are in no way matched by traditional fiat currency systems.
Then again, it is one thing to make statements at the end of 2021, and another thing to look at the direction crypto markets are taking in 2022.
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