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Crypto Investors Remained Resilient During Market Downturn, Gemini Report Finds
Gemini’s 2024 Global State of Crypto found that the majority of crypto owners are HODLers across the US, UK, France, and Singapore.
NEW YORK, Sept. 10, 2024 /PRNewswire/ — Today, crypto platform Gemini released its 2024 Global State of Crypto report, finding that crypto adoption remained steady across the United States (21%) and United Kingdom (18%) from 2022 to 2024. The number of crypto owners in France (18%) rose slightly from 2022 (16%), while Singapore ownership dropped slightly from 30% to 26%.
The consistency in ownership is due in part to crypto owners’ attitudes toward the asset class. Nearly two in three crypto owners across these geographies (65%) report buying and holding cryptocurrency for its long-term investment potential, and nearly two in five (38%) hold cryptocurrency as a hedge against inflation.
On November 14, 2022, the combined value of the top 100 cryptocurrencies had dropped to $830 billion, down from $2.7 trillion the year earlier. In 2024. The number of past owners rose slightly in each geography, suggesting that some crypto owners left the market during the downturn. However, more than 70% of past owners report a potential return to the market.
Other key findings include:
- Lack of regulatory clarity is a barrier to entry: In the US and UK, nearly two in five (38%) non-owners cited regulatory concerns as a barrier to investing in crypto. In France, nearly one in three (32%) said the same, and in Singapore nearly half (49%) of respondents said crypto regulations were a concern.
- The majority of crypto owners want to allocate 5% or more to digital assets: The majority (57%) of crypto owners say they are comfortable making crypto a core part of their investment portfolio. More than one in four (27%) of past owners said the same, signaling many may soon be re-entering the crypto market.
- The gender gap in crypto ownership persists, but women are just as likely to HODL: The split between male and female ownership was slightly more pronounced in 2024 compared to 2022, with 69% of crypto owners identifying as male and 31% identifying as female, compared to 58% and 42% in 2022, respectively. However, women are just as likely as their male counterparts to buy and hold for the long term.
- Spot crypto exchange traded funds (ETFs) bring growth: In the US, nearly two in five (37%) cryptocurrency owners surveyed said they hold some crypto through an ETF. More than one in ten (13%) own crypto exclusively through an ETF, suggesting they entered the market through ETFs when they were introduced this year.
- Crypto has become a US election issue for the first time: The vast majority of crypto owners in the United States (73%) plan to consider a candidate’s digital asset policies when they vote for the next president of the United States.
“Crypto investors have proven their resilience over numerous market cycles throughout the years, and the latest downturn was no exception,” said Marshall Beard, COO at Gemini. “The introduction of spot crypto ETFs in the United States and the significant headway towards thoughtful regulation in many jurisdictions globally has positioned the industry for strong growth as retail investors rejoin the crypto market or get started for the first time.”
The countries surveyed in the 2024 State of Crypto study were selected because they are nations where Gemini either currently operates or is exploring operations in the future. In addition to the United States, United Kingdom, France, and Singapore, Gemini also surveyed Turkey for the first time this year.
Turkey is overwhelmingly positive toward crypto, with the majority of respondents (58%) reporting owning crypto. An even larger majority of both owners and non-owners (65%) said they were likely to purchase crypto in the next year. Crypto owners in Turkey were significantly more likely to actively trade crypto (62%) compared to owners in other countries surveyed (43%).
Methodology
The 2024 Global State of Crypto report is based on a survey conducted with 6,000 adults across the US, UK, France, Singapore, and Turkey. The survey was conducted online between May 23, 2024 and June 28, 2024 on behalf of Gemini by Data Driven Consulting Group. The total sample has been balanced and is generally representative of the adult population in each country ages 18 to 75 with household incomes of $14,000 USD or more. Data cited in the report as “2022” was from a survey conducted online between November 23, 2021 and February 4, 2022, also on behalf of Gemini by Data Driven Consulting Group.
About Gemini
Gemini is a global crypto and Web3 platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto products and services for individuals and institutions in over 70 countries. Gemini’s simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom.
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