A study by JP Morgan reveals that 13% of the US population has currently used cryptocurrencies.
The largest US investment bank, JP Morgan, has published a report on the dynamics and demographics of the Cryptoasset use in American householdsIn it, the bank shares data that demonstrates the exponential growth that the crypto industry has had in the country in the last two years.
According to data, in 2019, before the Covid pandemic spread across the world, only 3% of the US population was using cryptocurrencies to make transactions, but by June of this year, the number of crypto users had grown exponentially. It is estimated that 13% of the country's population is using crypto assets, actually.
Considering that the United States has a current population of 334,8 million people, according to the JP Morgan report, then Some 43,5 million Americans are using cryptocurrencies to transfer or receive funds.
The number of cryptocurrency users grew during price spikes
The report details that spikes in the price of cryptocurrencies accelerated their use and adoption by Americans.
According to JP Morgan, most people started using crypto assets, making their first transactions with these digital assets, when the price was more volatile. The bank highlighted that Activity in the crypto industry became more intense after significant increases in the price of cryptocurrencies; a similar behavior is present in stocks, JP Morgan said.
On the other hand, the JP Morgan report also highlighted that cryptocurrencies began to be used more widely as a savings strategy since the beginning of the pandemic.
Men are the ones who invest the most in crypto
The American investment bank also revealed that The most interested in investing in cryptocurrencies are men.
JP Morgan conducted an in-depth analysis to understand the profile of US cryptoasset investors, revealing that the use of these digital assets is more prominent among Millennials and men.
However, despite the exponential growth that cryptocurrencies have had in the United States in the last two years, JP Morgan points out that the value of transactions carried out with these assets continues to be relatively small.
The average cryptocurrency transaction in the United States is equivalent to less than a week's work, while nearly 15% of transactions made from American households have moved a flow of money equivalent to a month's take-home pay, the bank said.
Cryptocurrencies in American households
JP Morgan concludes its findings by stating that cryptocurrency ownership and use within American households has risen exponentially in recent years. Still, the investment bank also indicated that overall exposure to this new digital asset class remains relatively modest.
Continue reading: Which cryptocurrencies do Spaniards invest in?
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