More than half of cryptocurrency owners in Brazil (51%), Hong Kong (51%) and India (54%) are first-timers who started investing in digital assets in 2021, a new research by Gemini Trust Company, LLC, a cryptocurrency exchange and custodian, has shown.
In contrast, nearly half of all crypto owners in the United States (44%), Latin America (46%) and the Asia Pacific (45%) first bought crypto in 2021.
These are some of the major findings of Gemini’s newly-released Global State of Crypto Report, the first from the exchange, which said 2021 was a breakout year for cryptocurrency adoption.
Additionally, the report found that in Europe, two in five (40%) of those who own digital assets started investing in them in 2021. However, on a global scale, the research found that 41% of crypto owners started purchasing crypto for the first time last year.
The study, which was conducted on behalf of Gemini by Data Driven Consulting Group, surveyed nearly 30,000 adults across 20 countries from North America, Latin America, Europe, Middle East, Africa and Asia Pacific.
Developing Nations and the Crypto Gender Gap
The report observes that the global crypto gender gap might be narrowing down with women from developing nations leading the way.
According to the report, women represent at least half of crypto owners in Israel (51%), Indonesia (51%) and Nigeria (50%). On the contrary, only a third of current crypto owners in developed countries and regions are women: United States (32%), Europe (33%) and Australia (27%).
“Among the crypto curious who plan to purchase crypto for the first time in the next year, 47% were women globally,” the study said.
Crypto’s Drivers & Barriers
Moreover, the inaugural Gemini report found that inflation is a primary driver for cryptocurrency adoption. The study notes that the over 200% devaluation of the Brazilian real is likely accountable for 41% of its respondents owning cryptocurrencies. In the US, two in five (40%) crypto owners see crypto as a hedge against inflation, the study added.
“Respondents in countries that have experienced 50% or more devaluation of their currency against the US dollar over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year than those in countries that have experienced less than 50% currency devaluation, including South Africa (32%), Mexico (32%), India (40%) and Brazil (45%),” Gemini wrote in the report.
Regulation and lack of education are major barriers to cryptocurrency adoption around the world, the study also observed.
“Among non-owners [of cryptocurrencies], 39% in Asia Pacific, 37% in Latin America and 36% in Europe say there is legal uncertainty around cryptocurrency. In addition, for 30% of respondents in the Middle East, 24% in Asia Pacific and 23% in Latin America, the tax complexities of owning cryptocurrency have kept them from investing in crypto,” the report explained.
More than half of respondents in Latin America (51%) and Africa (56%) said that educational resources would make them more comfortable purchasing cryptocurrency, the report noted, adding that 44% in the Asia Pacific and 42% of those in the United States said the same.
Growing Crypto
Despite occasional reports of hackings and thefts, including the recent $615 million crypto heist on the Ronin Network, and regular government crackdowns on cryptocurrencies, the digital assets continue to see a rise in their adoption.
In fact, Citi, one of the largest financial services providers in the world, believes the economy around Metaverse has the potential to hit $13 trillion by 2030.
Etherscan, a block explorer and analytics platform for Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, reported last week that the crypto community has now staked more than 11 million Ether under the deposit contract of Ethereum 2.0. This is said to be the highest level on record.
More than half of cryptocurrency owners in Brazil (51%), Hong Kong (51%) and India (54%) are first-timers who started investing in digital assets in 2021, a new research by Gemini Trust Company, LLC, a cryptocurrency exchange and custodian, has shown.
In contrast, nearly half of all crypto owners in the United States (44%), Latin America (46%) and the Asia Pacific (45%) first bought crypto in 2021.
These are some of the major findings of Gemini’s newly-released Global State of Crypto Report, the first from the exchange, which said 2021 was a breakout year for cryptocurrency adoption.
Additionally, the report found that in Europe, two in five (40%) of those who own digital assets started investing in them in 2021. However, on a global scale, the research found that 41% of crypto owners started purchasing crypto for the first time last year.
The study, which was conducted on behalf of Gemini by Data Driven Consulting Group, surveyed nearly 30,000 adults across 20 countries from North America, Latin America, Europe, Middle East, Africa and Asia Pacific.
Developing Nations and the Crypto Gender Gap
The report observes that the global crypto gender gap might be narrowing down with women from developing nations leading the way.
According to the report, women represent at least half of crypto owners in Israel (51%), Indonesia (51%) and Nigeria (50%). On the contrary, only a third of current crypto owners in developed countries and regions are women: United States (32%), Europe (33%) and Australia (27%).
“Among the crypto curious who plan to purchase crypto for the first time in the next year, 47% were women globally,” the study said.
Crypto’s Drivers & Barriers
Moreover, the inaugural Gemini report found that inflation is a primary driver for cryptocurrency adoption. The study notes that the over 200% devaluation of the Brazilian real is likely accountable for 41% of its respondents owning cryptocurrencies. In the US, two in five (40%) crypto owners see crypto as a hedge against inflation, the study added.
“Respondents in countries that have experienced 50% or more devaluation of their currency against the US dollar over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year than those in countries that have experienced less than 50% currency devaluation, including South Africa (32%), Mexico (32%), India (40%) and Brazil (45%),” Gemini wrote in the report.
Regulation and lack of education are major barriers to cryptocurrency adoption around the world, the study also observed.
“Among non-owners [of cryptocurrencies], 39% in Asia Pacific, 37% in Latin America and 36% in Europe say there is legal uncertainty around cryptocurrency. In addition, for 30% of respondents in the Middle East, 24% in Asia Pacific and 23% in Latin America, the tax complexities of owning cryptocurrency have kept them from investing in crypto,” the report explained.
More than half of respondents in Latin America (51%) and Africa (56%) said that educational resources would make them more comfortable purchasing cryptocurrency, the report noted, adding that 44% in the Asia Pacific and 42% of those in the United States said the same.
Growing Crypto
Despite occasional reports of hackings and thefts, including the recent $615 million crypto heist on the Ronin Network, and regular government crackdowns on cryptocurrencies, the digital assets continue to see a rise in their adoption.
In fact, Citi, one of the largest financial services providers in the world, believes the economy around Metaverse has the potential to hit $13 trillion by 2030.
Etherscan, a block explorer and analytics platform for Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, reported last week that the crypto community has now staked more than 11 million Ether under the deposit contract of Ethereum 2.0. This is said to be the highest level on record.
Source: https://www.financemagnates.com/cryptocurrency/brazil-hong-kong-india-lead-as-crypto-adoption-skyrockets-in-2021/