Recent research by Cornerstone Advisors shows some interesting statistics about American cryptocurrency users.
There are often a lot of assumptions made about people who buy, sell, and hodl cryptocurrency. It is often assumed that they are young, technologically savvy, of an anarchist bent, and are waiting for the day they can buy that Lambo. Some recent research by Ron Shevlin of Cornerstone Advisors sheds some interesting light on cryptocurrency enthusiasts in America.
Education and Age
Ron Shevlin recently surveyed U.S. consumers on cryptocurrency and reported his findings in Forbes. He highlighted a few interesting statistics that kind of go against the grain of what you would normally assume. Overall, he found that 8 percent of those surveyed had invested in cryptocurrencies.
One fact that caught his eye was that the young do not have a monopoly on being interested in crypto. He found that only 7 percent of people aged 21 to 29 actually hold virtual currency. The next age bracket (30 to 38) comes in at 11 percent. This percentage goes up to 12 percent for Gen X (39 to 53), but only a mere 3 percent of Boomers (54 to 75) hold crypto.
The average amount held by Americans varied by age as well. Those between 21 to 29 have $5,700 in crypto on average, compared to $5,900 for those aged 30 to 38. Gen X has the highest amount at $8,700 while Boomers just have $1,800. This makes sense as younger people have less discretionary income and old people are conservative with their funds.
Shevlin also found that U.S. crypto enthusiasts tend to be well educated. A full 37 percent of American crypto carriers have a Master’s degree or better. As such, they also tend to make a good deal of money. 35 percent of crypto consumers make $100,000 or more per year.
Politics, Banking, and Cryptocurrency
What is very interesting in the survey by Ron Shevlin is how politics comes into play. One would think that most Americans into crypto would lean to the left (being younger, embracing disruptive technology, being against traditional financial structures, etc.), but such was not the case.
Shevlin found that there were more American crypto consumers that leaned to the right than to the left. The breakdown is 49 percent (20 percent for leaning right and 29 percent for being far right) for conservatives compared to 11 percent (5 percent for far left and 6 percent for leaning left) for liberals. Moderates come in at 41 percent.
As for banks, Americans who are into crypto show a surprising amount of loyalty. A full 63 percent of those involved in crypto say that they’re loyal to their bank, expect to stay with them, and even plan on doing more business with them in the future. Only 24 percent said they felt no loyalty to their bank.
Overall, this survey by Ron Shevlin of Cornerstone Advisors throws a few curveballs when it comes to basic assumptions about virtual currency consumers. Age, politics, and banking attitudes are not what you would normally expect. However, his survey did find one trope to be true – a full 75 percent of American crypto users are male.
What do you think about this survey and its findings? Let us know in the comments below.
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