Key facts:
Bitcoin ETFs have been one of the main drivers of adoption in the United States.
Politics is a topic of great interest for Bitcoiners, who are now more concerned about regulation.
Despite the ups and downs that the bitcoin (BTC) market has experienced over the past two years, interest in cryptocurrencies has not been affected. “There is persistent investor confidence in the potential of cryptocurrencies as part of their portfolios,” notes a report published by the Gemini exchange.
The document, titled “Global State of Crypto 2024,” lays out recent statistics on cryptocurrency adoption, with data collected so far in 2024 in countries such as the United States, the United Kingdom, France and Singapore.
According to the study, 57% of cryptoasset owners They feel comfortable including them in their investmentsmaintaining a positive perception as a long-term option.
“The vast majority of cryptocurrency owners worldwide hold them for their long-term investment potential,” the study says. That’s why Almost two out of three cryptocurrency owners (65%) buy and hold digital assets, without selling them.
This is a significant number of users who apply the strategy of hodl (save) because They believe in the possibility that the asset will appreciate over time, generating profits. A belief that It also leads many (38% of respondents) to invest in bitcoin to protect against inflation.
ETFs have driven adoption
One of the most notable factors in Gemini’s report looks at how the approval of bitcoin and Ethereum ETFs in the United States has influenced cryptocurrency adoption. It highlights that Almost 37% of users have entered the ecosystem through these financial products.
«ETFs have attracted significant institutional investment flows and have reinforced the adoption of cryptocurrencies,” the study notes.
In the United States, nearly two in five (37%) of cryptocurrency owners surveyed said they hold some cryptocurrency through an ETF. More than one in ten (13%) hold cryptocurrencies exclusively through an ETF, suggesting they entered the market through ETFs when they were introduced this year.
Gemini Adoption Report 2024.
However, the existing challenges to achieve mass adoption are also highlighted, among which the problems related to with the regulation.
According to respondents’ responses, the lack of regulatory clarity remains a barrier for many potential investors. This is why in the United States and the United Kingdom, nearly 38% of non-crypto owners indicated that concerns about regulatory slow down their entry into the market. In Singapore, this percentage rises to almost half of the people consulted.
There is a lot of interest in politics
The strong concern about regulation possibly explains the high interest that people showed in political matters. In that sense, the report shows how the influence of cryptocurrencies extends to this area.
The trend is stronger in the United StatesThere, most cryptocurrency owners said they are very attentive to what politicians say and are very aware of those who speak in favor of the ecosystem, especially now that the country is approaching elections.
The industry-friendly policies promised by candidates in the upcoming US presidential election will make all the difference when it comes to voting, as Gemini survey results reveal: a large majority of bitcoiners (73%) will take into account a candidate’s stance on cryptocurrencies when voting for the next president.
«More than a third of respondents who own cryptocurrencies (37%) said that a presidential candidate’s stance on cryptocurrencies would have a significant impact on your vote to elect the president. These statistics confirm what other studies have pointed out in recent months.
As CriptoNoticias has reported, the US elections have been characterized by the high level of influence of politics. This, not only because a large percentage of voters are involved with cryptocurrencies -forcing candidates to speak out on the subject- but also because the ecosystem has had a greater participation in the financing of the elections.
With all this information in hand, Gemini concludes that despite regulatory challenges and market fluctuations, cryptocurrency adoption continues showing signs of resilience and growthdriven by new investment opportunities and growing interest from investors.
