US residents choose cryptocurrency as an investment

A new study has revealed the extent of cryptocurrency adoption among citizens of the United States, revealing that suchassets are becoming the preferred investment vehicle over traditional funds.

According to the report on the state of consumerBanking Services and Payments, published on January 25, 2022 by Morning Consult, as of 2021, the majority of American adults, namely 24%, owned cryptocurrencies.

This figure is slightly higher compared to 23%Americans holding certificates of deposit. A certificate of deposit is a savings account that holds a fixed amount of money for a specified period.

The study was conducted between December 23 and 25, 2021 and included 2,200 US adults.

The increase in cryptocurrency ownership coincided withoverall market growth in 2021. For many years, digital currencies have provided an opportunity to quickly earn money. For example, in 2021 alone, the price of bitcoin increased by at least 60%, even with several corrections.

At the same time, keeping money in a bank has become unprofitable in recent years due to low interest rates, exacerbated by rising inflation.

Interestingly, about 55% of cryptocurrency holders in the US and UK would like to receive their salary in digital assets due to greater financial flexibility.

In terms of the overall outlook for the cryptocurrency sector, the report states that the adoption rate is likely to continue to rise as the industry has proven that this is not a “passing fad”.