Cryptocurrency has gained considerable traction globally. As of 2023, over 420 million people worldwide own some form of crypto. In the United States, the rise in crypto ownership is also noticeable.
As of 2023, over 14% of US adults own cryptocurrencies. This trend is not gender-neutral: men are reportedly three times more likely to own crypto than women in the US.
But how many Americans own crypto today? The way investors perceive crypto, invest in it, spend it, and choose it will give us more insight on this topic.
Top 5 Facts About Crypto in the US
- 48.8 million US adults own cryptocurrencies, representing 14.36% of the adult population. (Triple-A)
- 56% of American adults say they own or have previously owned cryptocurrencies, corresponding to 145 million users. (The Ascent)
- Following India, the United States is the second-largest country in terms of cryptocurrency adoption. (Triple-A)
- Three out of four US residents do not trust or have minimal trust in cryptocurrencies. (Pew Research)
- 69.6% of US residents holding crypto are in the 25-44 age group, making it the country’s most common age bracket for crypto ownership. (Triple-A)
The Perception of Crypto in the US
The perception and adoption of cryptocurrencies in the U.S. have undergone substantial changes. The data reveals a growing recognition of this digital asset class, alongside an intriguing pattern of cryptocurrency abandonment among certain demographics.
Most US adults, 81%, have heard of cryptocurrencies.
This number represents a significant increase from the 69% in 2020.
14.4% of US adults hold cryptocurrency, equivalent to approximately 49 million people.
27% of Black users have started using cryptocurrency between 2022 and 2023.
Moving down the ranking, 21% of Hispanic and 12% of White users say they started investing in cryptocurrency in late 2022 and early 2023.
While a significant portion of adults (31%) have experience with cryptocurrencies, most people who own cryptocurrencies do not currently hold any.
Lower-income households are more likely to have given up cryptocurrencies, with 43% of these users reporting they no longer have any investments.
Comparatively, only 30% of middle-income households and 21% of upper-income households have given up on cryptocurrency.
Lastly, 45% of cryptocurrency users report that their investments have performed worse than expected, indicating potential disappointment among investors.
Source: Triple-A, Pew Research
Cryptocurrency Investing and Spending Patterns in the US
In the United States, cryptocurrency adoption patterns demonstrate a diversity of ownership and spending habits. There’s a notable inclination among users to increase their holdings, reflecting an overall positive sentiment toward this growing asset class.
55.48% of US crypto users own less than $5,000 in cryptocurrencies.
Moving up the income scale, 15.92% of US cryptocurrency users have over $10,000 in their crypto wallets.
In terms of spending, 31.90% of cryptocurrency users in the US spend over $1,000 in crypto every month.
However, a significant % of US users, 27.87%, only spend less than $100 per month through cryptocurrencies.
Most US crypto users (55.34%) intend to increase their cryptocurrency holdings.
In contrast, 31.27% of crypto users in the US do not intend to increase or decrease their holdings.
A small part of the US crypto-owning population, 13.39%, believes they will decrease the amount of crypto they hold.
Crypto owners in the US care about investing, as 86% of crypto owners in the US have a retirement account.
This number is significantly higher compared to only 63% of non-crypto-owners having a retirement account in the country.
Source: Triple-A, Financial Health Network
Cryptocurrency Preference in the US
When we observe the change in ownership rates of various cryptocurrencies in the US from March 2021 to February 2023, it is evident that Bitcoin remains the top choice for crypto owners.
Bitcoin is, by far, the favorite cryptocurrency in the United States, with 83.2% of crypto owners having at least a minimal account of BTC in their wallets in 2023.
Ethereum‘s ownership is also large, standing at 48.7%.
Compared to March 2021, the interest in both cryptocurrencies showed a notable increase, equaling 80.7% and 35.7%.
Litecoin is also an attractive investment for Americans, with 24.70% of crypto owners having Litecoin (LTC) in their wallets.
There has been a decrease in Dogecoin’s interest from US crypto holders between 2021 and 2023, declining from 24% to only 19.7% owning a minimal amount of DOGE in their wallets.
On the other hand, Cardano has shown significant popularity growth, passing from 5.1% in March 2021 to 14.8% in February 2023.
Similarly to Cardano, Polkadot has also experienced a rise in ownership, from 2.9% in March 2021 to 11.5% in February 2023.
Bitcoin Cash (BCH) decline is more evident, with a 14.9% ownership rate in 2021, against today’s 11.2%.
Source: Statista
Table: Evolution of US Cryptocurrency Preference (2021-2023) (Statista)
| Cryptocurrency | US Preference in 2021 | US Preference in 2023 |
| Bitcoin (BTC) | 80.7% | 83.2% |
| Ethereum (ETC) | 35.7% | 48.7% |
Conclusion
Crypto adoption in the US indicates the overall Web3 health status. Interestingly, various factors appear to contribute to the number of crypto the average US investor owns.
The income level and ethnicity appear to strongly correlate with the number of tokens in a person’s wallet in the US. Regarding token preference, Americans aligned with the world’s tendency to favor Bitcoin (BTC) and Ethereum (ETH) over the so-called altcoins.
Following the rate of crypto adoption in the US appears to be a valid measurement of how high-income countries see crypto: a volatile investment opportunity and a way to transfer wealth.
Recommended Trends
The rate of cryptocurrency adoption in the United States is progressively increasing, standing at over 14% in 2023. More people are becoming aware of cryptocurrencies and their potential as an investment option. This is reflected in the diversity of ownership and spending habits among users, with a distinct inclination to increase holdings.
While Bitcoin Cash (BCH) was among the top cryptocurrencies in terms of ownership rates in 2021, its popularity has declined as of 2023. Currently, it is ranked lower compared to other popular coins like Bitcoin, Ethereum, and Litecoin.
Spending habits among US cryptocurrency users vary widely. While 31.90% of users spend over $1,000 in crypto per month, a significant portion (27.87%) spends less than $100 per month. These figures underline the broad range of spending behaviors in the crypto space.
Yes, Bitcoin is currently the most popular cryptocurrency in the US, followed by Ethereum. However, newer cryptocurrencies like Cardano and Polkadot are gaining traction and could potentially challenge Bitcoin's dominance in the future.
Yes, Ethereum is gaining popularity among crypto users in the US. As of February 2023, 48.7% of US crypto owners have at least a minimal account of Ether in their wallets, showing a significant increase from 35.7% in March 2021.
Shawn Munir
Shawn Munir is the CEO of Coinweb.com and spearheads all the collaborative partnerships for the platform. He bought his first Bitcoin in 2017 and never looked back. He is also an investor in 200+ Web3 startups and is considered an expert in the field. Before building Coinweb with his co-founders, he co-founded Presail, a management platform designed for companies and investors to manage their investments in Web 3. In addition to his entrepreneurial endeavors, Shawn serves on the United Nations...
