A new report from JPMorgan has revealed that 13% of US citizens, or 43 million people, have used cryptocurrency at some point in their lives. This is a substantial increase from the 3% recorded before 2020.
The data was collected by analyzing checking account transfers of more than 5 million JP Morgan customers, of which 600,000 made money transfers to crypto accounts in the 2020-2022 timeframe. It was found that the majority of these purchases were made during periods of elevated crypto prices, with most people holding on to their holdings.
However, the study also showed that since early 2022, the flow of money from crypto exchanges has been relatively equal to the amount of money being withdrawn. This is thought to be due to the declining cryptocurrency prices, as well as a general downward trend in savings rates in the US since the onset of the pandemic.
In terms of demographics, the report found that men of all ages are more likely to buy cryptocurrencies than women, with younger generations being the most enthusiastic buyers. Interestingly, the majority of those who invested in crypto only did so with amounts that equaled less than a week’s worth of net pay. However, 15% of crypto owners invested more than a month’s worth of income.
Despite the market downturn in 2022, it appears that interest in cryptocurrency remains strong among US citizens.