2021 Was a Banner Year for the Crypto Industry
A new report from cryptocurrency exchange Gemini shows the industry hit several milestones in 2021, during what Gemini calls a “transformative” year for crypto adoption.
The report found Brazil and Indonesia tied for the global lead in terms of how many people own crypto assets (41% each), followed by the U.A.E. (35%), Singapore (30%), and Israel (28%) in the top five.
The U.S. tied with India for 10th on the list (20% each).
Globally, Gemini found 41% of cryptocurrency owners purchased crypto for the first time in 2021, with nearly half of all U.S. (44%), Latin America (46%), and Asia Pacific (45%) owners purchasing it for the first time.
Gemini says their report is the first of its kind, examining “the attitudes, drivers, and adoption of crypto globally” in an attempt to understand how it’s being deployed around the world.
The report surveyed nearly 30,000 people in 20 countries.
Gemini found that inflation is a primary driver for crypto adoption.
Respondents in countries that experienced a 50% or more devaluation of their domestic currency against the U.S. dollar over the last 10 years were over five times as likely to say they plan to purchase crypto in the coming year.
Education also remains a barrier to crypto adoption, with 40% of global respondents saying more educational resources would help them make their first crypto purchase, nearly twice as many as the next most popular motivator: recommendations from friends (22%).