Crypto Retail Market Is Poised for a Rebound: Gemini

As a seasoned analyst with years of experience in the financial sector and a keen interest in the burgeoning world of cryptocurrencies, I find the latest report from Gemini particularly intriguing. The steady adoption of digital assets in the U.S. and U.K., despite regulatory uncertainties, reflects a growing maturity within the retail market.

The use of cryptocurrencies has stayed consistent in America and Britain over the past few years, even with some strong challenges, according to Gemini’s ‘2024 Worldwide Crypto Report’ published on Tuesday. The retail market appears poised for a recovery, the report suggests.

This year, from May 23rd to June 28th, a report was created using an online survey conducted across the U.S., U.K., France, Singapore, and Turkey, involving a total of 6,000 participants.

The report indicated that crypto ownership remained relatively stable at around 21% in the U.S. and 18% in the U.K. between 2022 and 2024. In contrast, the number of people owning digital assets in France increased slightly from 16% to 18%, whereas in Singapore, it decreased from 30% to 26%.

Approximately 66% of respondents indicated that they owned cryptocurrency primarily for its potential as a long-term investment, while about 38% cited protection against inflation as their main reason for holding this asset category, according to Gemini.

Despite efforts to clarify regulations, uncertainty persists as a hindrance for ownership of cryptocurrencies. A recent survey indicates that over one-third of individuals in the U.S., U.K., France, and even nearly half in Singapore, have held back from investing due to regulatory concerns within the crypto market.

It’s been observed that exchange-traded funds (ETFs) have stimulated expansion within the financial market, as approximately 37% of American investors report owning cryptocurrencies through these ETFs.

According to the report, a large number of cryptocurrency owners indicated their intention to invest at least 5% of their holdings in digital assets.

2024 saw a somewhat wider disparity in crypto ownership between males and females compared to 2022, according to the report, with approximately 69% of owners identifying as men and around 31% as women.

Approximately 73% of American cryptocurrency owners expressed their intention to evaluate political candidates based on their proposed digital asset policies ahead of the November presidential election.