Report: Crypto ownership doubled last year worldwide

Crypto platform Gemini released its 2022 Global State of Crypto report today. It found that last year was transformative for crypto. Almost half of current crypto owners in Latin America (46%), Asia Pacific (45%) and the United States (44%) first bought crypto assets in 2021.

Highest ownership rate in Brazil and Indonesia

Over 41% of survey respondents in Brazil and Indonesia reported owning crypto. In comparison, only 17% in Europe, 20% in the US, and 18% in Australia stated crypto ownership. Adoption also seemed driven by venture capital (VC) investment with high rates of utility in Israel (28%) and Singapore (30%).

Noah Perlman, Chief Operating Officer at Gemini commented:

Crypto adoption reached a true tipping point last year, becoming an established economic driver and a valued investment across the globe. We expect to see the influx of crypto investors continue into this year with concerns about inflation in the U.S. and globally driving interest. Education also remains a global barrier to adoption, and providing investors additional resources is key to bringing new users into the crypto ecosystem, especially women who make up a majority of the crypto-curious audience.

Inflation was the leading driver for adoption

Respondents in countries like Brazil, India, Mexico, and South Africa, which have experienced 50% or more devaluation of their currency against the US dollar over the last decade, were over five times as likely to share plans to buy crypto. The percentages were 45% and 40% for Brazil and India and 32% for South Africa and Mexico. 40% of respondents in the US saw crypto as an inflation hedge.

Gender divide narrowing

47% of the crypto curious in the world are women. 51% of crypto owners in Israel and Indonesia and 50% in Nigeria are female.

Regulation is a concern globally

39% of non-crypto-owners in Asia Pacific, 37% in Latin America, and 36% in Europe raised the issue of crypto’s dubious legality as a barrier to ownership.  

Education as a factor

Last but not least, Gemini’s report found that globally, respondents were almost twice as likely to believe additional educational tools on crypto would help them get started with it (40%) compared to friends’ recommendations (22%).

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