A recent survey conducted by U.S. cryptocurrency exchange Gemini stated noted that almost 50% of crypto holders in the United States, Asia Pacific, and Latin America bought their first toke only last year. The survey, conducted between November 2021 and December 2022, covered 30,000 people across 20 countries
Based on findings from the survey, Indonesia and Brazil are the countries with the highest level of crypto adoption last year. 41% of the crypto holders surveyed in the two countries bought crypto for the first time last year. However, the adoption rates for Europe and the United States contrasted, with the initial crypto purchase occurring only in 18% and 20% of those surveyed, respectively.
Many First Time Buyers Are Hedging Against Inflation
Also, the survey showed that the major influencing factor for higher crypto adoption in some of these countries is significant currency devaluation against the U.S. dollar. Also, many that are considering buying cryptocurrency want to do it as a hedge against inflation.
The value of the Indian rupee has dropped by 17.5% against the U.S. dollar in the past five years. Indonesia’s official currency rupiah fell by 50% against the dollar between 2011 and 2020. In these countries, about 64% of the respondents believe that cryptocurrencies can hedge against inflation.
More People Prefer Long-Term Crypto Investment
In the meantime, only 15% ad 16% of respondents in Europe and the United States, respectively, believe that cryptocurrencies can hedge against inflation.
7% of Europeans that do not own any crypto assets want to acquire some, while 17% of respondents said they already own crypto assets.
In the survey, 79% of the respondents want to hold their crypto for the long term. Comparing the survey with another recent survey carried out by NBC, it shows that one among five in the U.S. has bought, traded, or used cryptocurrency. The NBC survey also showed that men between 18 and 49 represent the largest demographic for crypto holders.
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