- JP Morgan has released a new report showing that over 13% of the American population has transferred funds to crypto accounts.
- The study sampled 5 million customers with checking accounts, 600,000 of whom sent money to cryptocurrency accounts.
- According to reports, most new investors first fund their cryptocurrency accounts when the price of Bitcoin is skyrocketing.
About 44 million Americans have so far sent money to cryptocurrency-related accounts, according to details shared in a new JP Morgan report.
in a report titledDynamics and demographics of US home cryptocurrency usage, released on Dec. 13, the financial giant estimates that about 13% of the population has sent money to crypto accounts. According to bank data, as the general population’s involvement in cryptocurrencies surged during the COVID-19 pandemic and personal savings increased, more money was turned to cryptocurrency investments. rice field.
The report covers nearly 5 million active checking account users, showing that over 600,000 of them have sent funds to their cryptocurrency accounts.
Transfers to crypto accounts tripled between 2020 and 2022
Cryptocurrency adoption across the United States has stabilized, with other statistics suggesting adoption rates similar to those included in this latest report.
JP Morgan says only a fraction of the U.S. population used cryptocurrencies five years ago, but its researchers found a significant increase in cryptocurrency adoption over the past three years. Did. From the sample shown, the banking giant estimated that US cryptocurrency users had grown from a population share of less than 3% pre-pandemic to almost 15% by mid-2022.
Among those who fund cryptocurrency accounts from their checking accounts, survey data shows a 300% surge. Cumulatively, only 3% of the population had sent funds to digital asset-related accounts before the pandemic.
This number has more than tripled over the past three years, with more than 43 million Americans, or 13% of the population, tending to fund cryptocurrency accounts.
Bitcoin price surge attracts new investors
Another observation from the survey was that crypto account funding was mostly done by remittances when the price of Bitcoin was rising. According to JPMorgan, the trend dates back to 2015, with large volumes of trading occurring during bull markets and surges.
For most new users, deposits are spread out over several days, in line with the price of Bitcoin, with +25% month-to-month fluctuations. It is during this time that many people consider trading Bitcoin and other cryptocurrencies.
What is also observable is that most investors only make small transfers to their cryptocurrency accounts. That is, less than one month’s payment. In fact, the median remittance for the majority of investors is $620. Despite this, about 15% of individuals remit more than a month’s worth of her income. This percentage is even higher among high-income earners.