No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Recent JP Morgan report Mid-2022 figures reveal that nearly 15% of US individuals have issued money transfers to crypto accounts. Detailed demographic data also show that men, Asians, and high-income youth have the highest number of cryptocurrency adoptions in the country.
JP Morgan surveyed 5 million active checking account customers and estimated the results accordingly. Commenting on the key findings, the report said:
Given market volatility and uncertainty about how cryptocurrency usage will evolve, this trend has potential implications for the health of household balance sheets.
According to the numbers, millennials have the highest crypto adoption at 20%. Generation X and Baby Boomers are second and third, behind millennials, at 11% and 4%, respectively.
Males are represented by blue blocks and females by yellow blocks. The data show that men are nearly twice as likely to adopt as women across all generations. Additionally, the median gross remittance for men is about $1,000, compared to just $400 for women.
Ethnicity statistics focus only on millennials, as millennials make up the majority of cryptocurrency users in the sample. However, data shows that users from Asia have the highest engagement rate, at 27%.
Hispanic and black users shared second place with 21% adoption, while white-identified users appeared to have the lowest adoption rate at around 10%.
Racial statistics also proved that the amount transferred to crypto-related accounts increased as the income of users increased, regardless of race.
The correlation between income and amount transferred to cryptocurrency accounts is valid for all individuals in the sample. While acknowledging that higher-income earners have higher levels of cryptocurrency involvement, the report notes that the median total amount transferred to cryptocurrencies across the sample was around $620.
According to reports, the number of users transferring funds to cryptocurrency accounts has tripled during the COVID-19 crisis.
Most users issued their first transactions during the same five-month period corresponding to BTC’s peak price.
The data also revealed that the highest-income individuals purchased cryptocurrencies when prices were relatively low. On the other hand, users in the lowest income group purchased from higher price levels. This suggests a low return on investment.
The chart above only considers millennials and groups them based on total income level. The lowest-income quartile appears to have bought cryptocurrency for the first time while BTC price hovered around his $45,500.
Meanwhile, members of the highest income quartile were buying cryptocurrencies when BTC fell to $42,400.
