The first few months of 2021 have shown no signs of crypto slowing down. With celebrities such as Paris Hilton, Gwyneth Paltrow and Kanye West as well as entrepreneurs such as Tesla CEO Elon Musk, Twitter boss Jack Dorsey and Mark Cuban openly advocating the digital coin, it is clear that the revolution is in full force.
Institutional investors too have stepped forward in public support of cryptocurrency and major companies like PayPal, MicroStrategy and Visa have laid down plans to support crypto payments and, in some instances, openly invest in it themselves by adding it to their balance sheets.
All these factors have caused more millennials to pump in the dosh and bet on digital assets. A Gemini survey of 3,000 digital asset enthusiasts and crypto investors between the ages of 18 and 65, with $40,000 or more in household income found that roughly 14% of the US population owns cryptocurrency which translates to 21.2 million US adults.
Of these, 77% of all crypto owners are under the age of 45. However, the limitation lies in the fact that the majority is still skewed towards male domination. To add on 71% of those surveyed were white. The study said that the average cryptocurrency owner is a 38-year-old white male making approximately $111k a year.
Only 26% of crypto owners were women. Furthermore, a mere 10% comprised of Asian Americans and 9% being African Americans.
However, these numbers might go through a seismic shift in the next 12 months.
The crypto-curious audience – those who do not currently own cryptocurrency but indicate either wanting to learn more or planning to buy soon – is on the uphill with more than 53% of women admitting to being interested in getting into crypto soon.
Crypto Investors To Double This Year
“This shift in gender, age, average income, and location indicates that crypto is starting to broaden its appeal away from an investment solely reserved for those with a large amount of assets to one that is more mainstream and accessible for the average person.” the report said.
Gemini expects the number of crypto investors will “nearly double in 2021, drastically broadening the reach of digital assets, and we expect those investors to hold on to their crypto for the long haul. It’s clear that crypto is shifting from an “insiders” investment opportunity to something a variety of people understand as a strategic part of a well-rounded portfolio.”
It said despite the divide at the moment,
“The future of crypto looks bright, and we are excited about the influx of a more diverse audience to continue to shape that future.”
While it’s unclear when the digital currency will actually be mass adopted or if and how long it can sustain this price, we know for sure that it will gain more popularity in the foreseeable future.