Gemini's 2024 Global State of Crypto Report Reveals Resilience Among Investors Amid Market Challenges
In its recently published 2024 Global State of Crypto report, Gemini, a leading cryptocurrency platform, highlights a notable trend among crypto investors: resilience. The report indicates that a significant portion of cryptocurrency holders in the United States, United Kingdom, France, and Singapore are committed HODLers, demonstrating a steadfast approach to their investments despite market fluctuations.
According to the report, crypto ownership has remained relatively stable, with 21% of Americans and 18% of Britons owning cryptocurrencies as of 2024. In France, ownership increased slightly from 16% in 2022 to 18%, while Singapore saw a minor decline from 30% to 26%. This stability in ownership can be attributed to the long-term investment mindset of crypto holders. Approximately 65% of crypto owners across these regions view their investments as a long-term strategy, and 38% consider cryptocurrencies as a hedge against inflation.
The report also reflects on the significant downturn in the cryptocurrency market, where the total value of the top 100 cryptocurrencies plummeted from $2.7 trillion in 2021 to $830 billion by November 2022. Despite this decline, over 70% of former crypto owners expressed interest in re-entering the market, indicating a potential recovery phase.
Key findings from the report include:
Regulatory Concerns as a Barrier: Nearly 38% of non-crypto owners in the US and UK cited regulatory issues as a primary barrier to investing in cryptocurrencies. In France, 32% shared similar concerns, while in Singapore, 49% of respondents expressed apprehension regarding regulations.
Investment Allocation Preferences: A majority of crypto owners (57%) are comfortable allocating 5% or more of their investment portfolios to digital assets. Additionally, 27% of former owners indicated they might soon return to the market, signaling a renewed interest in cryptocurrencies.
Gender Ownership Gap: The gender disparity in crypto ownership remains, with 69% of owners identifying as male and 31% as female in 2024, a shift from 58% male and 42% female in 2022. However, women are equally likely as men to adopt a long-term HODL strategy.
Growth of Spot ETFs: In the US, 37% of crypto owners reported holding cryptocurrencies through exchange-traded funds (ETFs), with 13% exclusively investing via ETFs, suggesting a new entry point for many investors.
Political Implications: For the first time, cryptocurrency has emerged as a significant issue in US elections, with 73% of crypto owners indicating they will consider candidates' digital asset policies when voting.
Marshall Beard, COO of Gemini, commented on the findings: "Crypto investors have proven their resilience over numerous market cycles throughout the years, and the latest downturn was no exception. 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 2024 Global State of Crypto report surveyed 6,000 adults across the US, UK, France, Singapore, and Turkey, conducted online between May 23 and June 28, 2024. The survey aimed to provide a representative overview of the adult population in these countries, focusing on individuals aged 18 to 75 with household incomes of $14,000 or more.
About Gemini: Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a global cryptocurrency and Web3 platform that offers a diverse range of crypto products and services for both individuals and institutions in over 70 countries. With a focus on security and reliability, Gemini aims to facilitate the next era of financial and personal freedom.