Bitcoin: most users bought in 2020/2021

According to survey According to US crypto exchange Gemini, more than half of Bitcoin and cryptocurrency holders in the US made their first purchase just last year or in 2020.

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BTC purchases have increased over the past 2 years

The Gemini State of US Crypto Report 2021 is based on a total sample of 3,000 US adults aged 18-65 with an annual household income of $40,000 or more, surveyed in late 2021.

10 % respondents reported that it had purchased cryptocurrencies for the first time in the previous six months and 16 % between six and 12 months earlier. So 26 % said it bought in 2021.

42 % said they bought one to two years earlier, which is 2020. So, in total, up to 68 % respondents said they bought in 2020 or 2021.

Of these, 87 % said they purchased Bitcoin, while 36 % Ethereum. However, it is worth noting that the average value of BTC owned (about $8,500) is lower than that of ETH (about $10,000).

The majority of current cryptocurrency owners say they bought it as a long-term investment, with more than two-thirds (69 %s) saying they are holding the cryptocurrencies they bought, while only 36 %s bought them to sell in the short term. In addition, 58 %s reported that they had made purchases, sales or trades in the past three months.

The situation in 2022 may have changed, for example, in July, up to 4,376 BTC (more than $104 million) were sent to exchanges from wallets.

One data point seems to reveal quite clearly that interest has not waned at all. In fact, according to recent survey conducted by Deloitte, 75 % merchants in the US plan to accept cryptocurrency or stablecoin payments within the next two years.

This survey was certainly influenced by the fact that the question was not only about real cryptocurrencies, but also about stablecoins, because accepting stablecoins is much less risky for the retailer.

This should not be underestimated at all, as the survey was conducted in partnership with PayPal and as 2,000 executives from retail organizations were interviewed between December 3rd and 16th, 2021.

It is important not to overlook the fact that merchants often pay significant fees for payments in fiat currency, while fees for cryptocurrency payments are low and mostly borne by the buyer. For example, yesterday someone transferred more than $80 million in BTC and paid a fee of less than $5, or 0.00000559 % of the amount transferred.

For large payments or transfers, cryptocurrencies offer fees that are in no way comparable to traditional fiat currency systems. 

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.