Earlier you could read in the Bitcoin news that, as a direct result of the current bear market, the percentage of Americans who look positively at cryptocurrencies had dropped significantly. In March it was still 19%, which had a positive view towards cryptocurrencies, but currently that percentage is at 8%.
JPMorgan, the huge US investment bank, has research done to the transactions between the bank accounts and crypto exchanges. Before the COVID outbreak, the largest US investment bank conducted a similar study against which current results can be compared.
crypto transactions
By June 2022, almost 13% of all households had transferred money to or from a crypto account at least once. In the study for the COVID outbreak, it was only 3%, meaning the number has tripled.
The research also shows that most Americans enter the crypto world with a relatively small amount of money. The median was $620 and most people have sent less than one month’s salary to a crypto account. About 15% of all individuals have sent more than their paycheck to a crypto account for one month. This percentage is slightly higher for individuals with a higher income.
According to the study, the average transaction occurred when bitcoin’s price was around $43,900. The current bitcoin price is about 60% lower.
Crypto investor demographics
It is mainly the younger generations that are interested in cryptocurrencies. 20% of millennials (27 – 42 years old) have transferred money to or from a crypto account at least once. Generation X (42 – 62 years old) and the boomers (67 – 81 years old) this percentage was much lower, 11% and 4% respectively.
In addition, it is mainly the men who are involved in cryptocurrencies. The median of total transfers for men was about $1,000, while the women’s was equivalent to $400.
Finally, there was also a difference between the different varieties. The study focused on the millennials, as crypto is most popular in that generation, and it was found that Asians had the highest engagement with crypto.