As of May 2022 data, new crypto adoption in the US was primarily driven by high-income earners, millennials and Generation Z adults. Baby Boomers remained largely disinterested in cryptocurrency. This is as per the July 2022 Morning Consult crypto report “Our Analysts on the State of Cryptocurrency.”
The report showed that crypto owners in the US were more ethnically diverse, with 58% of all crypto owners identified as white and 41% as nonwhite. According to the respondents, the most popular cryptocurrency owned by US adults was Bitcoin (75%), followed by Ethereum (49%), Dogecoin(40%) and USD Coin (37%).
According to the report, adult crypto owners were found to be embracing traditional financial services, with crypto owners using Banks (88%), Credit Unions (47%), Credit Card Companies (79%) and Digital Banks (62%). Crypto owners were also found to use alternative financial services more than the general population.
As per the report, 66% of crypto owners viewed crypto as an asset. 16% of the respondents viewed crypto as a way to send money or to buy things. The respondents cited several reasons for owning crypto, with 63% holding crypto to make money, 44% diversifying their asset portfolios and 43% believing that cryptocurrencies are the future of money.
The report also found that crypto purchase intentions of US adults remained relatively strong despite a decrease in net trust in cryptocurrencies. Net trust in cryptocurrencies reportedly rose from 30% in Jan 2022 to 42% in June 2022.
Amongst all the US adults, the Morning Consult Index of Consumer Sentiment dropped by 13.5% since 2022. The report found that confidence amongst cryptocurrency owners held up relatively better and was down only 8.1% over the same period. The Index of Customer Sentiment amongst cryptocurrency owners was 15% higher than all US adults.
As of June 2022, 21% of US adults said cryptocurrencies should be more regulated than traditional financial assets like securities and investment funds, up four percentage points from the start of the year.
From the report, the current drop in crypto prices since the beginning of the year has not seemed to dampen the spirit of US crypto owners, as their consumer sentiment remains relatively strong.