A new survey by Crypto Radar, a top blog for crypto-related news and press releases, reveals that cryptocurrency ownership is relatively prominent in the United States with 13.5% of Americans either claiming to own or planning to buy Bitcoin, more than the entire population of Argentina.
The survey showed that 7.3% “do NOT own any cryptocurrency”, but are “planning to buy some”, 3.5% said that they “own some” and are “not planning to buy more”, and 2.7% “own some” and are “planning to buy more”. Additionally, the survey breakouts showed that the older the respondents got, 55-65 and the 65+ age groups, the more common it became to not own cryptocurrency and not plan on buying Bitcoin in the future. Conversely, among the younger breakouts, 18 to 24 and 25 to 34 age groups, the more likely they were to either own cryptocurrency or are planning to buy some.
Gender-wise, among younger age groups, 18 to 24 and 25 to 34 years old, there was a bigger jump among male cryptocurrency ownership or planning to invest. Additionally, among older age groups, females were less likely to have heard of Bitcoin with “nearly a quarter of all women who participated in the study were unaware of Bitcoin in 2019”.
The US-based cryptocurrency user base exceeds the entire population of major countries
Even more revealing is when the amount of people wanting to invest in cryptocurrency in the United States is put into perspective. The 13.5% of Americans that either own or plan to buy bitcoin or other cryptocurrency is the equivalent of around 44,172,000 people or 34,258,600 if only considering 18+ year old individuals. These are around the population of the entirety of Argentina at around 44,780,000 or Canada around 37,411,00.
This is not the first survey to reveal these insights among Americans or even in general. An eToro survey earlier this year showed that “43 percent of Millennial online traders trust crypto exchanges more than the U.S. stock exchanges” compared to “77 percent of Gen X respondents trust stock exchanges more”. Another survey by BitBay, a Polish-based cryptocurrency exchange, showed that while cryptocurrency spending might be limited since “only 25 percent made at least one transaction”, “over 50 percent of respondents” wanted to spend their cryptocurrency.
Dash’s goal of making cryptocurrency usable may fit well with the growing demographic
The evidence of tens of millions in the US alone seeking to buy Bitcoin and the ever-growing cryptocurrency user base presents a unique opportunity for Dash to access a group of potential users seeking to use cryptocurrency efficiently for everyday payments. Dash is trying to maximize its appeal by targeting both consumers/merchants by being a cryptocurrency that is simultaneously fast (under two seconds to lock in a transaction), inexpensive (less than $0.0005 USD), and secure (ChainLocks protecting against 51% attacks). This is ideal for individuals and businesses that want to seamlessly and simply spend and accept cryptocurrency in exchange for goods and services. These attributes are also favorable to traders that are looking to move in and out of different exchanges very quickly to take advantage of arbitrage opportunities and make the most money possible.