Crypto Adoption Steady In US And UK Despite Challenges

According to CoinDesk, crypto adoption has remained steady in the U.S. and the U.K. over the past two years, as detailed in Gemini's '2024 Global State of Crypto' report released on Tuesday. The report, based on a survey of 6,000 individuals from the U.S., U.K., France, Singapore, and Turkey conducted online between May 23 and June 28, highlights the resilience of the crypto market despite significant challenges. The survey revealed that crypto adoption in the U.S. and the U.K. remained unchanged from 2022 to 2024, at 21% and 18% respectively. In France, digital asset ownership increased from 16% to 18%, while in Singapore, it decreased from 30% to 26%. The report also noted that 65% of respondents held crypto for its long-term investment potential, and 38% viewed it as a hedge against inflation. Regulatory concerns continue to be a significant barrier to crypto ownership. In the U.S. and the U.K., 38% of non-crypto owners cited regulatory issues as a reason for not investing, while in France, this figure was 32%. In Singapore, nearly half of the respondents expressed concerns about regulations. Despite these challenges, spot exchange-traded funds (ETFs) have contributed to market growth, with 37% of U.S. holders owning crypto through an ETF. The report also highlighted that the majority of crypto holders intend to allocate 5% or more of their portfolio to digital assets. However, the gender gap in crypto ownership has widened slightly, with 69% of holders identifying as male and 31% as female in 2024. Additionally, 73% of U.S. crypto holders indicated that they would consider a candidate's stance on digital assets when voting in the upcoming presidential election in November.