Cryptocurrency adoption in the US has expanded, with some 13% of American adults owning crypto in July, up from 10% in January 2022, according to a recent report by personal finance comparison site Finder.com.
A spokesperson for Finder.com told Cryptonews.com that the survey has been running since April 2022, and “the data for July is the rolling average of the April, May, June and August reports which display the rolling averages of May, June, and July.”
In total, the site collected some 217,497 responses from across the world, of which 10,006 were US-specific responses.
The survey indicated that US-based men were much more likely to own crypto, as they represented 74% of crypto holders in July, and women comprised the remaining 26%.
Bitcoin (BTC) was the most popular coin among US crypto owners, at 36%, followed by ethereum (ETH) and dogecoin (DOGE), each with a stake of 25%, according to data obtained by Finder.com.
James Edwards, a cryptocurrency specialist at Finder, was quoted in a statement as saying that he was surprised that crypto adoption did decline over the previous six months due to the considerable drop in the global crypto markets.
“We saw huge drops in the price of Bitcoin at the start of May and June which led to declines in crypto ownership in other markets,” Edwards said, adding:
“However, looking at Google Trends the search interest for ‘buy Bitcoin’ in the US was actually up week-on-week when the price was dropping suggesting consumers were hoping to buy the dip.”
He warned that cryptocurrency is “a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell.”
A report released by DappRadar last April indicated that, despite a challenging backdrop with rising rates and falling stock prices, real-world adoption of crypto was continuing, with developing countries demonstrating the highest levels of crypto adoption across the world.
At the same time, studies such as the one carried out by crypto exchange Gemini earlier this year suggested that countries with higher inflation rates were most likely to adopt cryptoassets.