July 24, 2021

Cryptocurrency Adoption Rate


Cryptocurrencies are quickly gaining traction in a variety of markets around the world. But do the adoption rates match up?

Crypto Adoption Rates Skyrocket in 2021
A poll of over 1,000 U.S. residents conducted by CreditDonkey in May 2021 suggests that adoption rates have taken off over the last year.

  • Nearly 3 in 4 (72.5%) respondents reported owning some kind of cryptocurrency or stablecoin.
  • About half of respondents (49.17%) owned Bitcoin.
  • 2 in 5 respondents (37.13%) owned Dogecoin.
  • 1 in 3 respondents owned Ethereum (32.31%) and USD Coin (34.44%)

On top of that, 1 in 10 respondents (7%) invested some (or all) of their stimulus checks in crypto.[1]

Americans Anticipate Financial Revolution
Crypto isn't just the new hottest investment. It's much more.

  • Nearly 3 in 4 (73.24%) respondents to the CreditDonkey survey expected cryptocurrency to replace the dollar.
  • 1 in 5 (20.93%) anticipated the "crypto revolution" would happen within the next 10 years.

How the Crypto Hype Grew in Just 3 Years
According to ING, a majority of people knew about cryptocurrencies as far back as 2018.[2]

  • Seven in 10 Australians had heard of cryptocurrencies.
  • In Europe, 66% had heard of cryptocurrencies in 2018, compared 57% in the U.S.
  • 25% of Europeans anticipated owning crypto in the future, compared to 21% in the U.S. and 15% in Australia.
  • 35% of Europeans, 31% of Americans, and 18% of Australians expected crypto to be the future of online spending.
  • But only 9% in Europe, 8% in the U.S., and 7% in Australia owned crypto in 2018.

Cryptocurrency Gains International Appeal by 2020
Over the next two years, cryptocurrency was making headlines worldwide. Everyone was looking for a piece of the action.

  • In Nigeria, nearly 1 in 3 (32%) claimed to have used or owned cryptocurrencies in 2020.[3]
  • In Vietnam and the Philippines, 1 in 5 respondents reported crypto adoption (21% and 20%, respectively).
  • In Turkey and Peru, 16% of respondents reported owning cryptocurrency.
  • At 11%, Switzerland was the last country to report adoption in the double digits.
  • Meanwhile, India (9%), China (7%), and the U.S. (6%) were all in the single digits.

Choosing the right investing platform is key. Test the waters with one of these popular cryptocurrency exchanges.

References

Jeremy Harshman is a protector of art and writing at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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