As per JPMorgan, 13 percent of people in the U.S. have held crypto at some point
600,000 people in the United States transferred money to their crypto accounts at some point between 2020 and 2022
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As per a 13 December report by JPMorgan Chase titled, “The Dynamics and Demographics of U.S. Household Crypto-Asset Use,” about 13 percent of people in the U.S., or to say about 43 million American people, have bought crypto at some point in their lives.
The percentage of people holding crypto in the U.S. has risen exponentially since 2020 when it was just 3 percent.
JPMorgan obtained this data by analysing the account transfers from a sample of more than 5 million customers, out of which around 600,000 customers transferred money to crypto accounts at some point between 2020 and 2022.
The study also showed that customers usually bought their first crypto when there was a spike in crypto prices. The amount of money being sent into crypto exchanges was much more than the amount being withdrawn during these times, and hence the prices kept going up.
The trend reversal came in 2022 when the price of cryptos started falling. The last few months have seen that money going into the crypto exchanges is not much more than money going out of it. As per JPMorgan, this is because of the savings rate decline in the U.S. since the COVID pandemic, apart from the price declines in crypto.
