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Virtually half of all cryptocurrency homeowners in america, Latin America and Asia Pacific bought the digital belongings for the primary time in 2021, in line with a brand new survey from U.S. cryptocurrency trade Gemini.
The survey of practically 30,000 folks throughout 20 international locations, which was carried out between November 2021 and February 2022, reveals 2021 was a blockbuster yr for crypto, with inflation particularly driving adoption in international locations which have skilled foreign money devaluation, the report discovered.
Brazil and Indonesia lead the world in crypto adoption, Gemini discovered, with 41% of individuals surveyed in these international locations reporting crypto possession, in contrast with 20% in america and 18% in the UK.
Gemini discovered that 79% of people that reported proudly owning crypto final yr mentioned they selected to buy the digital belongings for his or her long-term funding potential.
Individuals who don’t at the moment personal crypto and stay in international locations which have skilled foreign money devaluation in opposition to the U.S. greenback had been greater than 5 occasions as prone to say they deliberate to buy crypto as a hedge in opposition to inflation.
Solely 16% of respondents in america and 15% in Europe agreed that cryptocurrencies hedge in opposition to inflation, in contrast with 64% in Indonesia and India, for instance.
The Indian rupee has declined 17.5% in opposition to the greenback within the final 5 years, whereas the Indonesian rupiah depreciated 50% in opposition to the greenback between 2011 and 2020.
Solely 17% of Europeans reported that they owned digital belongings in 2021, and solely 7% of those that don’t at the moment personal crypto mentioned they meant to purchase digital belongings in some unspecified time in the future.
It stays to be seen if the adoption momentum can hold tempo this yr.
Whereas the most well-liked cryptocurrency, bitcoin, hit an all-time excessive of greater than $68,000 in November, serving to to push the worth of the cryptocurrency market to $3 trillion, in line with CoinGecko, it has traded within the slender vary of $34,000-$44,000 for many of 2022 thus far.
—Reporting by Hannah Lang in Washington; Modifying by Leslie Adler
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