Even with the leading crypto assets devaluation in 2022, the adoption of digital currencies in the United States is increasing considerably. According to JPMorgan Chase research, 13% of the U.S. population has used digital assets at least once.
That number represents 43 million people, considering the total population of the United States. Called “The Dynamics and Demographics of U.S. Household Crypto-Asset Use,” the study reveals that crypto asset adoption in the country has been growing since 2020.
That year, only 3% of the U.S. population had reported investing in crypto assets. However, that number jumped to 13% in just two years.
According to the research, the banking data of 5 million customers was analyzed for data on digital currencies. Of these users, 600 thousand of them have invested in digital currencies in the country, considering the period between 2020 and 2022.
Growth was halted in 2022
This year’s devaluation of the crypto market has directly affected crypto asset adoption in the United States. With the drop in prices, the survey “The Dynamics and Demographics of U.S. Household Crypto-Asset Use”, shows that there has been a slowdown in investments in digital assets by 2022.
The study signals that withdrawals have narrowly outpaced crypto asset investment transactions this year. This movement is related to the significant devaluation of the crypto market over the past twelve months.
JPMorgan Chase concludes that the rise in crypto assets adoption began shortly after the pandemic caused by Covid-19 two years ago. However, this movement has lost steam recently.
“We view the rise and fall of crypto use since the onset of COVID as consistent with the joint relationship between retail flows and market prices seen in prior research.”
The study also brought data on the investor profile of the crypto market. The survey shows that a growing number of younger users invest in digital assets.
In total, 25% of men considered millennials have invested in crypto assets at some point. Meanwhile, only 12% of female millennials have been part of the crypto market in the past two years. Meanwhile, in Argentina, financial instability has dramatically increased the adoption of digital assets among the general public.