Summary

• A new survey shows that 20% of US adults (66 million) own cryptocurrencies.
• 76% of crypto holders think blockchain and crypto are the future.
• Crypto ownership in the US has risen from 16% in 2021 to 20% in 2023.

Over 66 Million Americans Own Crypto: Survey

20% of US Adults Own Cryptocurrencies

A new survey report by Coinbase shows that 20% of Americans, which translates to more than 66 million of US adults, own cryptocurrencies. According to details in the research conducted by Wahington DC-based business intelligence company Morning Consult, most American adults who own crypto believe blockchain and cryptocurrencies are the future. The majority of respondents also think the financial system needs an overhaul.

Crypto Winter Doesn’t Deter American HODLers

Despite 2022 being a brutal year for crypto with price crashes, crypto scams and schemes and bankruptcies, cryptownership remained largely unchanged at 20%. This is comparable to historic numbers recorded in early 2022, but has increased from about 16% in 2021. 76% of all crypto owners see cryptocurrencies and blockchain as the future, with 54%-55% belonging to Gen Z or Millennials respectively.

Sanctions Can’t Terminate Tornado Cash

The popular decentralized privacy protocol was able to stay afloat despite sanctions against its developers due to its open-source nature. Chainalysis noted that though sanctions could undermine trust among users and make it difficult for exchanges to support such projects, they can’t terminate them entirely. This points towards how resilient open-sourced protocols can be compared to their centralized counterparts.

Stablecoins Need Rules To Unlock Potential

According to a Canadian think tank, stablecoins need clear rules on governance structure and liabilities if they want to unlock their full potential. They noted how existing regulations don’t address some aspects central to stablecoin operations such as issuer liability for customer deposits or capital reserve requirements. It is expected that regulators will come up with specific rules applicable only for stablecoins soon.

< h2 >70 % Of Unregulated Exchanges‘ Volume Is Wash Trading