Crypto Adoption Gap Widens: Wealthier Americans Lead the Way
A new study reveals a widening gap in crypto adoption, with wealthier Americans more likely to own and use crypto than their lower-income counterparts. The report by Mercuryo and Protocol Theory highlights the challenges faced by lower-income communities in accessing and using cryptocurrencies effectively.
The research shows that over half of Americans earning more than $100,000 own crypto, compared to just 25% of those earning less than $40,000. Petr Kozyakov, CEO of Mercuryo, notes that while crypto adoption is growing, it's not evenly distributed. Lower-income communities often rely on crypto for remittances and cash-to-crypto conversions at Bitcoin ATMs, but these services often come with high fees.
Wealthier adults are nearly three times more likely to use self-custodial wallets, but the report finds that wallets present significant barriers. Only 13% of Americans find them easy to use, and just 12% feel they fit naturally into their money management. Jonathan Inglis, CEO of Protocol Theory, suggests that adoption will accelerate when wallets become simple, safe, and affordable for everyday use. The research also indicates that new users face barriers due to a clunky user experience and complex transaction processes in crypto wallets. Moreover, Bitcoin ATMs are concentrated in low-income areas, potentially entrenching inequality.
The report underscores the need for improvements in crypto wallet design and accessibility to promote adoption among lower-income individuals. By addressing these challenges, the crypto community can work towards a more inclusive and equitable ecosystem.
