Americans’ Interest in Cryptocurrencies Is on the Rise, Reports Jpmorgan…

Approximately 13% of the US population, or 43 million people, have owned cryptocurrency at some point in their lives, according to new research from JPMorgan. According to a Dec. 13 report titled “Dynamics and Demographics of US Household Cryptocurrency Use,” that number has grown rapidly since 2020, when it was only around 3 percent. JPMorgan’s latest data comes from analyzing checking account transfers from a sample of more than 5 million customers.

It was discovered that between 2020 and 2022, 600,000 customers in this sample group made a cash transfer to a cryptocurrency account. The study also noted that cryptocurrency holders typically made their first cryptocurrency purchases during cryptocurrency price spikes. During this period, the amount of cash sent to cryptocurrency exchange accounts often far exceeds what was withdrawn.

In other words, most people were holding onto their crypto during this time period. This changed in early 2022 as crypto prices fell, according to JPMorgan. In recent months, cash transfers into crypto exchanges have only slightly exceeded cash transfers out of them.

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• Source: www.pipsafe.com -Americans’ Interest in Cryptocurrencies
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