The well-known exchange Gemini has just released its report “Global State of crypto 2024”, offering valuable insights on various topics such as the impact of ETFs, ownership of crypto assets worldwide, and the gender gap between men and women.
The study is based on a survey conducted by Data Driven Consulting Group on a sample of 6000 people from the USA, UK, France, and Singapore.
The subjects interviewed between May 23 and June 28, 2024, are aged between 18 and 75 years and have an annual household income equal to or greater than 14,000 USD.
Some of the data examined were compared with those of an old survey conducted by Gemini itself between November 23, 2021, and February 4, 2022.
All the details below.
The new report by Gemini “Global State of Crypto 2024”: strong participation in the USA thanks to ETFs
According to the report “Global State of Crypto 2024“, just published by the exchange Gemini, the participation of US investors has remained stable over the past two years.
From the bear market of 2022 that wiped out over 1.2 billion dollars from the market, the number of cryptocurrency owners in the USA has remained unchanged at 21%.
According to Gemini, the reason for this resilience is to be found in the launch of spot Bitcoin ETFs at the beginning of the year.
The introduction of a regulated instrument in the United States has indeed brought new investors to the market, leading to more demand in the market.
According to the report, almost two cryptocurrency owners out of five (37%) who were interviewed reported having purchased through an ETF.
More than one in ten (13%) own crypto exclusively through an ETF, demonstrating that the aforementioned listed funds have led to greater adoption in 2024.
The remaining 63% bought cryptocurrencies through CEX or other decentralized channels.
The direct result of the new inflows into Bitcoin was the achievement of a new all-time high of 73,700 dollars for the crypto asset.
Regarding this situation, Marshall Beard, COO of Gemini, expressed his opinion, highlighting the progress of the sector on the front of regulation:
“Cryptocurrency investors have demonstrated their resilience in numerous market cycles over the years, and the latest recession was no exception.
The introduction of spot ETFs on cryptocurrencies in the United States and the significant progress towards careful regulation in many jurisdictions globally has positioned the sector towards strong growth.
Currently, according to the survey, more than one in five Americans somehow owns crypto.
It is worth noting that the majority of these investors, as highlighted by the Gemini report (57%), feel comfortable with exposure to a speculative asset. Part of the old owners (27%) who left the market in 2022 due to the price collapse, have stated that they might soon re-enter the crypto world.
It is evident how the interest in the cryptocurrency industry in the United States has returned aggressively in the past year.
Ownership of the crypto world: the differences between countries and the gender gap between men and women
As reported in the Gemini report, while U.S. crypto investors have remained unchanged since 2022, the global ownership of the sector as well as the participatory gender gap between men and women has changed.
In particular, in the USA past-owners have increased significantly, while non-owners have decreased, reflecting the possibility of a re-entry into the market.
In the United Kingdom and in France, in the face of a slight increase in crypto holders, there was also a phase of transition from non-owners to past-owners.
In Singapore the owners of digital assets have decreased, while the share of past-owners has grown in parallel.
Gemini reports a massive exit of former investors (75% of the total past-owners) in all countries more than 6 months ago. The majority of these even abandoned crypto more than a year ago.
More than one cryptocurrency investor out of four (29%) stated that the reason they sold their cryptocurrencies is that they lost money on their investments.
The report also highlights the opportunity that many old participants could return to activity in the coming months, in the wake of a potential bull market.
Curious how instead the gender gap between men and women in the crypto world has slightly increased since the last Gemini survey in 2022.
As of today, overall 69% of cryptocurrency holders identify as male, while 31% identify as female.
In 2022, however, males account for 58% compared to 42% of females.
In any case, given the high percentage of previous owners, it is likely that this trend may vary significantly over the course of the year.
The United States is the country where the gender gap is most pronounced, with only 28% of “donne crypto” in the last year.
France, on the other hand, hosts the majority of crypto investors, with a share of 35%, unfortunately also decreased since 2022.
In Singapore until two years ago, women represented 54% of the total, which has dropped to 31% in favor of men.
Gemini and the report on the investment approach: women tend to hodl crypto more
Even though, as reported by the Gemini report, women are increasingly less present in the crypto sector, it is evident that they have a more long-term vision.
The percentage of owners of cryptographic assets who purchased more than a year ago is in fact almost everywhere higher in favor of women.
Only in the United Kingdom, males have been more conservative, with a share of 16% compared to the opposite gender’s 15%. In the UK, it is therefore evident that women and men have more or less the same likelihood of holding crypto long-term.
Instead, in the USA, France, and Singapore, women are more likely to hold their investment.
This outlines a behavior in the market of the female gender that is more tempered compared to the male counterpart, with fewer instinctive actions and unplanned choices.
In all this, it is curious to observe how in the Gemini survey, almost two out of 3 people reported having purchased crypto for the long term.
The remaining 30% is among those who in most cases exited the investment because they lost money after a few months.
The majority of investors see a potential for appreciation of crypto assets in a long-term horizon, but only a few of them purchased more than a year ago.
Almost 2 out of 5 individuals hold crypto as a hedge against inflation, in a historical moment when high public debt jeopardizes the sovereignty of fiat currencies.
Conclusions: the good omen of Gemini for the future of the crypto sector
We conclude with the last chart included in the report just published by Gemini, in which, in addition to discussing geographic ownership between men and women, a rosy year is hoped for the crypto sector.
In the analyzed sample, overall over 70% of respondents stated that they might purchase in the next year.
In the United States there is a greater tendency to return to investment, while in the UK and France the desire is less pronounced.
In any case, the report still shows a positive sentiment among the 6,000 individuals surveyed, with the majority of them being bullish about the future of crypto.
Despite the various vicissitudes of the cryptocurrency industry experienced in 2022, we are coming back stronger than ever in anticipation of the next bull market.
