- 47% of female respondents were crypto-curious; over 50% of crypto owners in many developing countries are women.
- Over 50% of crypto owners in India, Brazil, and Hong Kong bought crypto first time in 2021.
- Lack of educational resources is a key barrier while regulation and tax complexities major concerns among non-owners.
Forty-one percent of the crypto owners globally bought cryptocurrencies for the first time in 2021, claimed a study commissioned by digital assets exchange Gemini. The countries where the highest number of respondents bought their first cryptocurrency in 2021 are India (54%), Brazil (51%), and the United States (44%).
The 2022 Global State of Crypto Report released on April 4 terms 2021 as the Breakout year for the cryptocurrency sector when the “market capitalization almost hit $3 trillion and bitcoin reached an all-time high of almost $69,000, making crypto the best performing asset class of the past 10 years.”
Among the non-owners, regulations and tax complexities are major concerns. The Gemini report recognizes a lack of knowledge and educational resources as a major barrier to crypto adoption, the study says.
Gemini’s report on crypto trends covers adoption, barriers, entry, and attitude are based on a survey that was conducted online by Data-Driven Consulting Group between November 2001 and February 2022. It covered 20 countries and nearly 30,000 respondents who were aged 18-75 years and had a household income of $14,000 or more.
Key findings
- The 2022 Global State of Crypto Report provides an outlook for the industry, saying 41% of respondents were found to be crypto-curious — those who don’t own crypto but are interested, learning, or planning to buy it next year.
- It says the primary driver of crypto adoption is the concern around inflation. For example, in the US where inflation has been a serious concern lately, “40% of crypto owners see crypto as a hedge against inflation.”
- People in countries whose currencies have experienced 50% or more devaluation against the US dollars in the last 10 years are 5 times more likely to buy digital coins.
- The rate of crypto adoption was much higher in developing countries with Brazil and Indonesia reporting 41% of respondents saying they own digital coins in comparison to 20% in the US and 17% in Europe.
Gender Gap in Crypto Adoptions Narrows
Another significant trend that the Gemini study uncovers is the narrowing of the gender gap in crypto adoption. The study finds 47% of women respondents globally as crypto-curious. Women in developing nations, with Israel (51%), Indonesia (51%), and Nigeria (50%), are leading the table in crypto adoption. In contrast, only a third (33%) of current crypto owners in the developed world are women.
