- Crypto ownership rates remained steady in the US, UK, France, and Singapore in 2024.
- Bitcoin reached an all-time high of $73,737.94 in March after spot ETFs launched in the US.
- Regulatory uncertainty remains a major barrier for non-owners, especially in the US and UK.
- Turkey shows the highest crypto adoption rates among surveyed countries, with 58% ownership.
- Women are as likely as men to hold crypto long-term, despite a gender gap in ownership rates.
The 2024 Global State of Crypto Report shows that despite a turbulent few years, the cryptocurrency market is building momentum.
After facing a significant downturn in 2022, Bitcoin surged to an all-time high of $73,737.94 in March 2024.
This growth was largely driven by the launch of spot Bitcoin ETFs in the United States, which attracted billions in investments from institutional players.
The report, based on a survey conducted by Data Driven Consulting Group for Gemini, analyzed crypto ownership, adoption, and attitudes across five countries: the US, UK, France, Singapore, and Turkey.
Despite challenges, crypto ownership remained stable, with investors staying resilient through the market’s fluctuations.
Resilience in Ownership and Investor Sentiment
Crypto ownership in 2024 held steady compared to previous years, particularly in the US (21%) and the UK (18%), while France saw a slight increase in owners, rising from 16% to 18%.
However, Singapore experienced a drop, with ownership decreasing from 30% to 26%. The report highlighted that a large portion of investors (65%) hold crypto for its long-term investment potential, while 38% use it as a hedge against inflation.
Interestingly, while some crypto owners exited during the 2022 downturn, the majority of past owners (over 70%) expressed interest in returning to the market within the next year, suggesting that many still view crypto as a viable investment option.
“Despite the sharp price drops, many investors are holding on to their assets with long-term potential in mind, showing resilience in the face of market volatility,” the report noted.
ETF Introduction Sparks Growth
The introduction of spot Bitcoin ETFs in the US in early 2024 provided a new way for investors to gain exposure to Bitcoin without directly purchasing it.
As a result, the report found that nearly two in five crypto owners in the US (37%) held crypto through an ETF, while 13% had entered the market exclusively via ETFs. This shift indicates that ETFs are becoming a significant entry point for new crypto investors.
The ETF boom has helped reinvigorate the market, opening the door for retail investors and providing an easier, less intimidating way to engage with cryptocurrencies.
This trend is particularly important for those who may have been hesitant to invest due to the complexities of crypto wallets and exchanges.
Regulatory Barriers Continue to Hinder Adoption
One of the most persistent challenges facing crypto adoption is the lack of regulatory clarity. In both the US and UK, 38% of non-owners cited regulatory concerns as a major barrier to investing in crypto, while this figure was even higher in Singapore, at 49%.
France saw a lower percentage, with only 32% of non-owners expressing similar concerns.
Despite the introduction of more structured regulations in some countries, the uncertainty surrounding crypto policies, particularly in the US, continues to deter potential investors.
The report suggests that this issue is contributing to the stagnation in ownership rates, particularly among retail investors.
Gender Gap Persists, but Women HODL Too
The report also addressed the gender gap in crypto ownership. In 2024, 69% of crypto owners identified as male, while 31% were female.
This marks a slight increase in the gap compared to 2022, when women accounted for 42% of owners.
However, the data shows that women are just as likely as men to adopt a long-term “HODL” strategy, indicating that gender does not impact an investor’s approach to holding crypto.
While the ownership gap remains a point of concern, this could change in the near future, given the growing interest in re-entering the market by past owners, both male and female.
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Turkey Leads in Crypto Adoption
One of the standout findings in the 2024 report is the surge in crypto adoption in Turkey.
Over 58% of respondents in the country reported owning cryptocurrency, making it the highest rate among the countries surveyed.
Additionally, 65% of Turkish respondents expressed a likelihood of purchasing more crypto within the next year.
Turkish investors were also more likely to actively trade their crypto holdings, with 62% participating in frequent trades, compared to just 43% of investors in other countries.
This highlights Turkey as a burgeoning crypto hub, with a more aggressive approach to crypto trading than seen elsewhere.
The 2024 Global State of Crypto Report paints a complex but optimistic picture for the future of cryptocurrencies.
While ownership rates have remained consistent despite market downturns, challenges like regulatory uncertainty continue to loom large, particularly in Western countries.
At the same time, the introduction of Bitcoin ETFs is drawing in a new wave of investors, while countries like Turkey are emerging as hotspots for crypto adoption.
As the market evolves, both past and current owners appear bullish, signaling potential growth in the coming years. The data suggests that, despite some volatility, cryptocurrency is far from a passing trend—it’s here to stay.
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