Cryptocurrency and its underlying technology stand to fundamentally alter the financial services industry, particularly the way consumers manage their finances and transact with one another. Or it could all be just a passing fad. The speed of cryptocurrency’s adoption and the uncertainty about its future mean it is imperative that financial services leaders track its developments.
The methodology for the monthly tracker is included at the bottom of this page.
KEY TAKEAWAYS
Crypto ownership held steady from July to August. Despite market and industry volatility, there was no significant change in cryptocurrency ownership over the last month, with 18% of U.S. adults reporting that they own cryptocurrency, down only 2 percentage points from a year-to-date high of 20%.
Signs of a “crypto winter” are appearing in consumers’ muted transactions. Reported sales of bitcoin were down 9 points from July. Next month will likely not be any different, as consumers’ expected purchases of cryptocurrency remained stable from last month, with just under a quarter of adults expecting to purchase some form of crypto.
Crypto owners expect a slight bitcoin price increase soon. While the general population continues to lower its prediction for the price of bitcoin in six months’ time, cryptocurrency owners reversed course from July to August and increased their bitcoin price prediction by more than $3,500.
Share of U.S. adults who say they own cryptocurrency
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Cryptocurrency Ownership and Usage
Share of respondents who say they own each
Shares of each reporting that they own bitcoin
Share of cryptocurrency owners saying they sold any of the following in the last month:
Reported likelihood of purchasing cryptocurrency in the next month
Respondents were asked what they expect the price of bitcoin to be in six months
Cryptocurrency familiarity and opinions
Share reporting they are very or somewhat familiar
Respondents who had heard of a given topic were asked how much they trust it (net trust)
Respondents were asked how regulated cryptocurrency should be relative to financial assets such as securities and investment funds
Respondents were asked which statement they agree with more
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Methodology
The Cryptocurrency Insights Hub relies on data collected monthly through Morning Consult’s proprietary survey research capabilities. The interviews are conducted online, and the data are weighted to approximate a representative sample of U.S. adults based on gender, educational attainment, age, race and region. Results from the full survey have a monthly sample size of 4,400 U.S. adults and an unweighted margin of error of plus or minus 1 percentage point.
On April 1, 2022, Morning Consult updated its general population weighting targets for the United States to be more representative of the most recent population data. This change has slightly and not meaningfully altered some historical data in this tracker.
About Morning Consult
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. Learn more at morningconsult.com
About the author
Charlotte Principato is a financial services analyst at Morning Consult, where she leads the company’s analysis to deliver real-time insights to the financial services sector.
Email press@morningconsult.com to speak with a member of the Morning Consult team.