20% of Americans Own Cryptocurrency? The Reality May Not Be So Optimistic

Most U.S. cryptocurrency holders own only small amounts and show little interest in crypto developments. This article explores the true state of crypto adoption in America based on verified data sources.

Key Surveys on U.S. Crypto Ownership

1) Federal Reserve’s SDCPC Survey

• Findings: 9.6% of U.S. adults owned crypto in 2022, up from 0.6% in 2015.
• Methodology: Surveyed 4,761 participants with a 3-day diary component to minimize recall bias.
• Notable Insight: Far below Coinbase’s claimed 20% adoption rate.

2) Federal Reserve’s SHED Survey

• Findings: 8-10% used crypto for investments or transactions in 2022.
• Methodology: Polled 11,667 adults via Ipsos KnowledgePanel.
• Confirmation: Aligns with SDCPC data, contradicting Coinbase’s 20% figure.

3) Nielsen Homescan Study (Weber et al.)

• Findings: 12% of households held crypto by late 2022.
• Methodology: Quarterly surveys of 15,000–25,000 respondents from an 80,000-family panel.

4) Pew Research Center Survey

• Findings: 11-12% actively held crypto in early 2023.
• Methodology: Surveyed 10,701 U.S. adults.
• Context: 17% had "ever used" crypto, but only 69% of those were current holders.

5) Canadian Data (Cross-Reference)

• Bank of Canada: 10% owned Bitcoin in 2022.
• Ontario Securities Commission: 13% held crypto or crypto ETFs.

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Demographics of Crypto Holders

• Age: Primarily younger adults (18–44).
• Gender: 3:1 male-to-female ratio.
• Income: Higher-earning households dominate.
• Ethnicity: More prevalent among Asian, Black, and Hispanic groups than whites.

Holdings and Motivations

• Typical Portfolio:

  • Median holding: $312.
  • 45% own $0–200 worth of crypto.
  • Only 25% hold >$2,000 ("crypto fundamentalists").

• Top Coins:

  • Bitcoin (65–70% of holders).
  • Ethereum (~40%).
  • Dogecoin (~38%).

• Primary Reasons for Owning:

  1. Investment (67%).
  2. Interest in new tech (21%).
  3. Rarely: payments or distrust of banks/government.

Three Archetypes of U.S. Crypto Owners

1. Casual Investors: Young, affluent males with small holdings ($50–$500), indifferent to crypto advocacy.
2. Crypto Fundamentalists: Heavy investors (>$2,000), vocal proponents (estimated 2% of adults).
3. Low-Income Users: Small group using crypto for remittances (4% of holders).

FAQs

Q: Is 20% of U.S. crypto ownership accurate?
A: No. Reputable surveys (Fed, Pew) show 8–12% in 2022–2023.

Q: What’s the average amount held?
A: Median = $312; 45% hold ≤$200.

Q: Why do Americans own crypto?
A: Mostly for investment (67%), not payments or ideological reasons.

Q: Which coins are most popular?
A: Bitcoin (65–70%), followed by Ethereum and Dogecoin.

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Conclusion

While crypto ownership has grown significantly since 2015, the reality is less rosy than Coinbase’s 20% claim. Most holders are small-scale investors, with only a tiny fraction deeply engaged. Policymakers should note this nuanced landscape when considering crypto regulations.