Virtual currency ownership and usage by American consumers hit record highs in 2022, coinciding with the March 2022 executive order and national recognition of digital currencies issued by the Biden government. Forty-one million Americans, or sixteen percent of the population, already hold some form of Cryptocurrency; another sixteen million have made at least one transaction using Cryptocurrency within the past thirty days (seventeen percent of the population). Despite the expanding number of people who hold Cryptocurrency, the vast majority of people still consider it an investment rather than a payment option.

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The value of Cryptocurrency commodities and the large ecosystem built around them has skyrocketed in recent years, and they are increasingly integrated into the conventional financial system. It seems that lawmakers are having difficulty monitoring the hazards associated with an industry in which the vast majority of operations are either uncontrolled or just partially regulated. Regulators are paying close attention to the difficulties that come with using Cryptocurrencies because of their potential to revolutionize the established financial system.

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Approximately 50 percent of Cryptocurrency owners, according to PYMNTS research, keep their holdings in a digital wallet solely for investment purposes. However, nearly a third of Cryptocurrency owners or those who have purchased Cryptocurrency within the past year say they would switch retailers to one that accepts virtual money. Those in the younger generation with disposable money are the most likely to use Cryptocurrencies for everyday purchases such as food, clothes, as well as entertainment services.

In accordance with a recent study by the Pew Research Center, 86% of American people have heard of Bitcoin or Ether, and 16% claim they have invested in, traded, or otherwise utilized Cryptocurrency. Men between the age group of 18 and 29 are more likely to disclose using Cryptocurrency. The study of US adults was done in September 2021, and it found that 86% of respondents have at least some familiarity with Cryptocurrencies. Roughly one-fifth of the population has reported hearing absolutely nothing.

Other Important Results of Study

The study also yielded the following important results:

1. In the last year, 23% of customers, or 59.6 million individuals, have held at least one Cryptocurrency, increasing from 16%, or 41.5 million individuals, in 2021. Only 16% of Americans presently possess Cryptocurrency, with 7% stating they formerly did however no longer do. In 2022, 4 percentage points more people than in 2021 were Cryptocurrency owners. Only 12% of those polled last year reported actually owning any Cryptocurrency. Many people who possess Cryptos are younger and better off financially.
2. When compared to other digital currencies, Bitcoin has a sizable lead in both use and public recognition. In regards to popularity as well as adoption, Bitcoin is far ahead of the competition. Twelve percent of those surveyed possess Bitcoin, five percent have already had it during the last year, and two percent had owned it at one stage, according to data by PYMNTS. Additionally, just 8% of customers have never heard of Bitcoin, while 74% of consumers who have never held Bitcoin have heard of it. Customers also own significant amounts of Ethereum as well as Dogecoin, two more prominent Cryptos.
3. People with more disposable money, such as youngsters, are more inclined to consider Cryptos. People were evenly divided between being indifferent and unfavorable about the technology when asked whether Cryptocurrencies are a viable payment option. People were divided on the viability of Cryptocurrency as a payment option, with 36% holding a negative or indifferent view. Just 28% were upbeat, however this number rises significantly among youngsters as well as customers with incomes of $100,000 or more. When asked if they would use Cryptocurrency as a payment option, 48% of millennials as well as 32% of high-income customers said yes.

Some Facts about Cryptocurrencies in US

There are mainly 2 facts which help you know better of Cryptocurrencies in the United States of America and those facts include:

• Sixty-six percent of customers have made a purchase using a debit or credit card that was funded with Cryptocurrencies.
• The percentage of customers who really are "very" or "highly" curious about using Cryptocurrencies to make buys from retailers that provide discounts and rewards is 26%.
• Only 14% of affluent people said they would "certainly" shop more often at stores which take Cryptocurrency

  Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.