Governments of many countries of the world that have always been expressing concerns about crypto are leaving some questions unanswered, questions like the level and rate of acceptance of cryptocurrency among the world’s populace.
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JP Morgan Publish Data Revealing the Prevalence of Crypto in US
On December 12, the American multinational investment bank and financial services holding company JP Morgan published data recently which revealed the prevalency of crypto among the US populace.
The research was carried out by investigating the transactions between Chase bank accounts and cryptocurrency accounts in the US.
As per the data, about 13% of American people have sent funds in and out of a crypto account at least once, this recorded a 3% increase compared to the pre-Covid-19 pandemic data.
First time crypto interactions. Source: JPMorgan
“The share of the population that have ever transferred funds into a crypto-related account tripled during the COVID-19 pandemic, rising from a cumulative 3% prior to 2020 to 13% as of June 2022,” a statement from the release read.
According to the study’s results, a large number of people are just dabbling with cryptocurrency, the median amount that was moved in and out equals $620 and quite a lot of the people moved amounts lower than their monthly salaries into crypto.
Furthermore, the volume of crypto-related transactions surged during the crypto bull period in 2021. As per the study, the average transaction was carried out when the price of Bitcoin was about $43,900. The cost of Bitcoin is now at $17,000.
Distribution of crypto purchases prices. Source: JPMorgan
Additionally, the study also revealed that Asian millennial males have the highest likelihood of having invested in cryptocurrency, below is a chat of crypto purchase demographics.
Crypto purchases demographics. Source: JPMorgan
“Crypto use has increased quickly among U.S. households, but the amounts invested for most people are relatively small. Despite the relatively modest overall exposure, a small subset of the population may have substantial financial risk to further crypto market declines,” the publication added.
Conclusively, quite a lot of people have invested part of their wealth into crypto and have likely lost a lot of it, yet, very few folks have a significant sum of their funds at stake.
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