Cryptocurrency is becoming more widespread as a result of a number of causes, including institutional adoption, more accessibility through trading applications and social media, as well as increased acceptability and understanding. According to a new Visa poll titled "The Crypto Phenomenon: Consumer Attitudes and Usage," global awareness of cryptocurrencies is at 94% among those with discretion over their household finances.
According to Visa's analysis of the collected data, there are five distinct sorts of crypto-aware consumers in the modern marketplace: active owners, passive owners, sceptics, those who are intrigued, and those who are disengaged.
While cryptocurrency acceptance is still in its infancy, it is substantial – and expanding rapidly. Nearly one-third of crypto-aware consumers now own or use cryptocurrency (21% of respondents are active owners and 11% are passive owners), with 62% of all crypto holders reporting an increase in their ownership or use of cryptocurrency over the last year. Sixty-six percent of cryptocurrency owners indicated that they intend to raise the proportion of their investable assets held in cryptocurrency during the next 12 months.
Visa's survey shows various categories associated with cryptocurrency engagement.
Age, Gender, Ethnic Origin, Nationality, and Income Are All Statistically Significant When It Comes to Crypto, Survey Finds First, engagement is skewed towards men, as nearly two-thirds of consumers who transact with cryptocurrency are men — 65 percent of active owners — while a sizable majority of completely disengaged consumers — 57 percent — are women.
One notable exception to this tendency is Hong Kong, where there is negligible gender disparity in crypto market participation.
Additionally, Visa notes that interaction with cryptocurrency is highly correlated with age. Those with a higher level of crypto market activity are typically younger, whereas those with a lower level of — or no — engagement are typically older. In growing nations such as Argentina, Brazil, and South Africa, interest in cryptocurrency is also greater.
While white Americans account for more than half of cryptocurrency owners in the United States, non-white customers are driving crypto adoption. While nonwhite Americans make for 32% of poll respondents in the United States, they account for 44% of those who hold cryptocurrencies, compared to only 19% of those who are fully disengaged, the report shows.
Finally, wealthier customers are more likely to engage with crypto in several markets assessed. While income does not always play a role in adoption, participation is connected with income or socioeconomic status in Australia, the United Kingdom, Argentina, and Brazil, according to research.
The Inquiring, Skeptical, and Disengaged
According to Visa's data, "interested customers" account for 21% of respondents – individuals who have taken steps to educate themselves about cryptocurrency and have positive impressions of the sector but have yet to acquire any cryptocurrency.
This hesitance may be fueled by a belief in the difficulties of dealing with crypto: the interested cohort is significantly less likely than crypto owners to feel cryptocurrency is simple to use, with only 38% of curious respondents believing this, compared to 67% of crypto owners.
Consumers who are curious about cryptocurrency are predominantly Gen X or millennial, and are somewhat more likely to be female than male.
On the other hand, crypto doubters account for 11% of global respondents. Members of this category have taken steps to educate themselves about cryptocurrencies but have yet to purchase any — and have negative impressions about it.
Skeptics are less inclined towards cryptocurrency, the report adds, possibly due to their greater preference for minor risks with moderate rewards.
Additionally, crypto doubters tend to be older than curious buyers. Doubters are more likely to be members of the baby boomer generation, accounting for 31% of sceptics. Skeptics are equally likely to be male or female and learn about cryptocurrency primarily through word of mouth (39% of the time) and news websites (36 percent of the time).
Concerning individuals who are disengaged with crypto — 37% of respondents globally, according to Visa — these are consumers who have conducted no research on the subject and/or are apathetic to the concept. According to the data, disengaged consumers have a very similar attitude to doubters.
Those who are not engaged with crypto are more likely to be older than other responder categories and are also more likely to be baby boomers. Women make up the majority of the unengaged (57 percent). Uninvolved in cryptocurrency are more likely to hear about it while watching television (30%) — or through friends and family (28%) — than from any other source.
