Cryptocurrency Ownership Declines Despite Market Recovery

According to Odaily, research from the Federal Reserve Bank of Philadelphia indicates that despite a recent recovery in the cryptocurrency market, ownership rates have not increased correspondingly. The Consumer Finance Institute (CFI) of the Philadelphia Federal Reserve reported on September 6 that cryptocurrency ownership dropped from 24.6% in January 2022 to 19.1% in October 2022 during the bear market. Even during the subsequent 18-month market recovery, ownership rates did not significantly improve, with the rate standing at 17.1% in October 2023 and further declining to 15.4% in January 2024. Additionally, when Bitcoin prices peaked in April 2024, ownership rates were only at 16.1%, and by July 2024, they had decreased to 14.7%. This data suggests that despite market fluctuations and recoveries, the overall interest and participation in cryptocurrency ownership have continued to decline.