A survey of cryptocurrency investors in the United States has highlighted a series of dominant characteristics. However, none of them are universal and if you don’t fit the profile emerging from it, that is no reason not to become an investor or hold a Volta wallet.
The poll, carried out for the NBC News Decision Desk by SurveyMonkey, found that young men are the most likely to have held, or currently invest in, cryptocurrency, while holders are more likely to be Republican voters.
Overall, crypto investment is still a niche activity; two-thirds of adults said they neither own any nor have any interest in it. At the opposite end of the scale, two per cent are regular owners or traders of cryptocurrency, with 11 per cent doing so occasionally. A further 21 per cent do not hold or trade crypto but are interested in the possibility.
The Gender Divide
The gender divide is stark, with 18 per cent of men revealing they own or trade crypto, compared with only seven per cent of women. This divide is greater still for those aged under 30, with 20 per cent of men involved with crypto compared with only six per cent of women.
In the 30-44 age range, 26 per cent of men own or trade crypto, compared with 13 per cent of women.
A Political Split
Political affiliation was also a notable dividing line, with 18 per cent of those declaring themselves to be Republicans owning or trading crypto, compared with nine per cent of Democrats.
This last demographic may have some link to the gender issue, as the 2024 Presidential election saw men more likely to vote for Donald Trump, but the differences are far more pronounced, which suggests that the main party divergence is more likely to be connected to the fact that the second Trump administration has enacted a series of pro-crypto policies.
Among young men, the most popular reasons for getting involved in holding and trading crypto were that it was a “fast way to make money”, as well as being easier to get started with than other kinds of investment and a chance to become part of the “crypto community”. Ease of investment was the most popular reason the young female investors got involved.
Do Not Be Bound By Demographics
Of course, with so many things in life, some items appeal to certain types of people more than others. Marketers refer to this as a ‘buyer persona’ to be targeted in communications. However, while in this case that persona would be a young, Republican man, that is clearly not the whole picture.
This is important to consider because crypto investment should be considered on its own merits, not on factors such as whether you support a government with a pro-crypto stance or its opponents.
After all, Mr Trump was not enthused about crypto in his first term, so who is to say that a future Democrat-run administration might not be more pro-crypto than the Biden presidency?
A Very Different Picture In The Gulf
Investors in the US may also consider that the demographics and popularity of cryptocurrency are not a universal guide to help answer whether they should own and trade crypto themselves, as the situation in other countries may differ.
For example, while crypto investment remains a minority activity in the US, The Khaleej Times has reported that it is now the single most popular investment in the UAE.
It noted that data from trading platform eToro showed that 56 per cent of Dubai-based investors have made forays into the crypto market, with the rate for investors in Abu Dhabi being even higher at 59 per cent.
Brexit Driving Crypto In Britain?
Among other Western countries, the UK may be an interesting case in its own right. According to Financial News, evidence is growing that Brexit has been a factor in increasing crypto adoption, as it becomes easier to spend it instead of fiat currency.
The reason for this is that after the UK left the EU, trading arrangements have become more complex and sometimes onerous, with higher costs and more regulations involved in making cross-border transactions using fiat currency. Crypto may offer a way around this, although its adoption for this purpose appears to be at a nascent stage.
A notable feature of the UK situation, the article notes, is that crypto adoption is higher among the young, due to them being more tech-savvy. This might be considered a reason for the skew towards younger buyers and traders in the US as well.
Whether you are a young Brit, a male Republican, or anything else, using a Volta Wallet can help you make the most of the crypto benefits that are available for all kinds of people to enjoy.