Bank of America Predicts a Third of the US will use Crypto Till 2022

cryptocurrencies in the U.S.

October 7, 2021

Reading Time: 2 minutes

The undeniability of cryptocurrencies is so apparent presently, that the Bank of America has released a report showing how many crypto-utilizing Americans are there.

The 140-page report details different forms of digital assets, including non-fungible tokens (NFTs), institutional investment, and the rate of growth.

21 Million Americans are Crypto Users

The Bank of America accounts that while the crypto industry is still young, it has great potential for growth and adoption by more Americans.

The status quo of cryptocurrencies in the U.S., as per the bank’s research, reveals 21 million Americans use cryptocurrencies. In percentage, this is roughly 14% of the entire U.S. population. Furthermore, the research outlines that the cryptocurrencies held are utilized multifariously as payment tools, financial holdings, and many more.

Breaking down the 21 million crypto-utilizing Americans, the Bank of America delineates that 74% are men while 26% are women. The research adds that the average crypto holder is a Caucasian male, 38 years old whose earnings are in the neighborhood of $111,000 per year.

Although digital assets such as NFTs and cryptocurrencies are considered modern and strike as being popular with the younger generation, Bank of America’s youngest age group (18 – 24) were the least users of crypto.

Only 3% of 18-24-year-olds used crypto, compared to the majority of users who are in the 25-34 age group. The youngest and oldest age groups in the report were 18-24 and 55-65, respectively.

In terms of race, the major crypto-utilizing Americans are Caucasians with 71%. Following with a huge percentage gap are Hispanics with 13%. Asian Americans hold 10%, African Americans are 9% while American Indians and the Other category hold the 1% utilization.

Bitcoin Transactions tied to Illegal Sources Has Dropped from 40% to 0-1%

The resilience of cryptocurrencies in the U.S. is recognized by the Bank of America’s report. The bank noted that the reputation of crypto as an avenue for illegal transactions has also reduced significantly.

According to the research, Bitcoin transactions tied to illegal sources have reduced from 40% to 0-1%. It is tremendous progress for the crypto industry. Hopefully, governments will stop resisting digital coins from this data.

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