Coinbase Releases Key Findings on Crypto Awareness and Adoption in US

Major American cryptocurrency exchange Coinbase released key findings about awareness and adoption trends related to digital currency in the United States in a blog post published on June 28.

Coinbase’s survey that spans the past year and 2,000 participants revealed that cryptocurrency awareness in the U.S. has continued growing, with 58% of Americans having heard about bitcoin (BTC). Of them, some expressed a desire to diversify their investment portfolios with digital currencies, were excited by crypto’s idea of a worldwide currency, or liked the absence of high transfer fees.

The top 10 states with the highest crypto ownership are California, New Jersey, Washington, New York, Colorado, Utah, Florida, Alaska, Nevada, and Massachusetts. States such as Delaware, Nevada, and Wyoming have a lower overall percentage of crypto owners, but a higher per-capita ownership, meaning a smaller number of people hold a larger than average amount of crypto each.

When asked about what drove them to purchase cryptocurrency, respondents recalled the investment opportunity presented by crypto, interest in new technology, and ability to educate themselves about it among the major reasons. 

One 30-year-old respondent said that “for people in my generation, I think it makes a lot more sense than stocks, bonds, inflated real estate, or other depreciating assets.”

As cryptocurrency adoption grows, regulators and policymakers worldwide have enacted legislation to address cryptocurrency and its underlying blockchain technology. Thus, as of June 2019, over 70% of U.S. states have reportedly enacted regulations pertaining to crypto or blockchain.

This year, YouTube searches for bitcoin reportedly reached their all-time high. “Americans typed ‘Bitcoin’ into Google more times last year than they searched for a range of headline-making phrases, from ‘royal wedding’ to ‘election results,’” the report states.

In late April, a survey published by Spencer Bogart of venture capital firm Blockchain Capital revealed that the vast majority of American citizens had heard of bitcoin, regardless of age. The proportion of people who heard of bitcoin increased from 77% in October 2017 to 89% in April 2019.