<aside> 💡 TLDR: Exploration of cryptocurrency usage in the United States, followed by a discussion of problems/success within the industry as well as government sentiments.
By: @Prianka Lexman
</aside>
Among developed nations, cryptocurrency is most widespread used among english speaking countries, with the United States first, followed by UK, Canada, South Africa, and Australia.
Good news, post-pandemic America has been dealing with intense supply chain disruptions and political unrest pretty well. The US has seen growth in key economic indicators. GDP has grown, millions of jobs have been added to the market, unemployment has decreased, and average hourly earnings have grown.
With a new administration taking office in the beginning of 2021, we are seeing the effects of new fiscal and monetary policy in 2022 as two consecutive quarters of a negative GDP, meaning that America is in a recession.
Layoffs mount as U.S. economy downshifts
With every form of a civilized currency system, the United States has always found itself as a key influencer of the system. When cryptocurrency started gaining notoriety, the US had some serious concerns toward crypto innovation that could threaten the pre-existing financial system.
Crypto ownership levels are higher among the very wealthy (different from developing countries). 70% of users have an annual income above $1 million USD. Majority of the owners are also in the 18-44 age group, and there are almost double the amount of male users than women. Thus the average American cryptocurrency user is a young, tech savvy, wealthy male.
The US also has the largest distribution of traders on major crypto exchanges.
As of August 23, 2022, studies show that about 16% of US adults say they have invested, traded, or used a cryptocurrency. Here is a breakdown of why they chose to delve into cryptocurrency:
Source: Pew Research Center
Overall, most American cryptocurrency users state that they use it to diversify their portfolio. It is interesting to see how developed countries use cryptocurrency as way to make money and as a leisure investment, while developing countries use cryptocurrency to garner financial security and conserve and maintain their money.