The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
According to a recently released survey result from the Pew Research Center, over 15% of Americans have transacted using some form of cryptocurrency, with the majority of those sitting between 18 and 30 years old.
The survey took the answers from more than 10,000 adults older than 18 from the research centre’s American Trends Panel. The respondents were collected from a sample random with different factors taken into account with ethnicity, age, gender, income, and education taken into consideration.
The results from the survey show that 16% of American respondents have either invested in, traded or used a cryptocurrency like Bitcoin (BTC) or Ethereum (ETH). The same respondents were surveyed about whether they have heard of cryptocurrency before, and the results show that nearly 90% have heard at least something related to the digital market industry. 24% of the respondents have heard a lot about cryptocurrency and 62% have heard at least a little.
Andrew Perrin, one of the Pew Research analysts, weighed in on the results, saying:
“We do see now that a large share of the American public has heard at least a little about cryptocurrencies. It was striking to see how there are demographic differences in awareness and use of cryptocurrencies.”
Which Americans are investing in cryptocurrency?
Looking at Perrin’s comment and those who are using cryptocurrency, the data shows that the majority of those who have used or traded cryptocurrency is male aged between 18 and 29, with 43% of respondents in this bracket confirming that they have used or traded a cryptocurrency. Overall, the age group leading cryptocurrency use sits between 18 and 29, with 31% responding yes, while only 3% of respondents older than 65 years old say the same. Compared to men aged between 18 and 29, only 19% of women (less than half comparatively) have used cryptocurrencies.
According to the results, the leading demographic for cryptocurrency use are Asian respondents, with 23%, followed by Hispanic respondents (21%), with Black respondents at 18% and White respondents showing caution with only 13% having traded, invested or used cryptocurrency. Results show that there seems to be no major difference depending on income and monthly earning.
Six years ago, the research centre did a similar survey to find out whether Americans were interested in investing in cryptocurrency. Although the survey didn’t take demographic details into consideration, the results in comparison are quite telling regarding the adoption of cryptocurrency. In 2015, Pew’s survey showed that only 1% of those surveyed were investing in Bitcoin, with only 48% having heard of cryptocurrency at all. The majority of those who had heard about Bitcoin were white males with college educations and high-earning careers.
Pew’s recent research comes at a time where politics and national regulation in the country is a relevant topic, with the definition of cryptocurrency and tender being argued. As it stands, the legality of cryptocurrency and Bitcoin’s use is being debated and different states have different laws regarding the market. As more countries like El Salvadore look to Bitcoin as a legally accepted medium of tender, governments like the United States are being urged to consider the opportunity and viability of using digital currencies along with traditional currencies.