Research firm Morning Consult recently published their quarterly report and reveal interesting data on crypto adoption in the United States. The firm’s “The State of Consumer Banking and Payments” attempts to provide insights on the new dynamics, attitudes, and relationships between consumers and their banks and payment providers.
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The research firm based its conclusions on 50,000 survey interviews conducted in the Americas, Europe, and the Asia Pacific region. The firm also conducted a poll in December 2021 with a representative sample of 2,200 U.S. adults.
Amongst their key findings, Morning Consult claimed 2022 will see another crypto boom as these digital assets continue to gain adoption. In that sense, the firm said digital assets owners aren’t necessarily opting out of the legacy financial system but are “working with more” traditional payment providers.
As seen below, the report found that crypto owners are growing and recently surpassed other traditional investment and savings vehicles, such as certificate of deposit and Robo-adviser investment accounts. Digital asset owners stood at 24% of the respondents and are close to the 31% that said to own a brokerage account.
The latter allows U.S. citizens to invest in the stock market, and gain access to other securities regulated by the U.S. Securities and Exchange Commission. The fact that crypto owners are zooming in on stock investors represents an important shift in the U.S. and could be an indicator of the future for the nascent asset class.
Crypto Takes Over The World, Latin America The Friendliest Region
The United States is far from the only region that experienced a boom in digital asset adoption. Singapore, China, and Spain also saw important increases on these terms alongside the Latin American Region. Morning Consult claimed the following on their finding of digital asset adoption in other parts of the world as they emphasized how
Nearly 1 in 4 consumers (24%) in our recent global survey reported household ownership of cryptocurrency, up 2 percentage points from July. Latin American countries still have among the highest rates of cryptocurrency ownership, but European nations Germany, Spain and the U.K. have grown significantly in the past six months.
Additional data provided by the report claims only 19% of the respondents are satisfied with their banks, 17% with their credit card company, 17% with their digital bank, and 13% with their credit union. This along with the data provided above suggest the potential start of a trend that could favor cryptocurrencies in the long run.
The report found that younger generations are more inclined to own digital assets, with Bitcoin ranking as one of the fastest-growing brands of 2021. As seen below, Millennials and Gen Z adults with an income higher than $100,000 a year are the dominant groups in terms of crypto ownership.
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As of press time, Bitcoin trades at $41,112 with a 6.11% loss on the daily chart.