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The crypto market rally in 2021 sent the prices of popular coins such as Bitcoin (BTC) and Ethereum (ETH) to new all-time highs making them more attractive for first-time buyers. In fact, a new study revealed that nearly half of crypto investors in the Asia Pacific, Latin America, and the United States bought their first digital currency last year.
According to a recently released study by the crypto exchange Gemini, 46 percent of current crypto owners in Latin America and 45 percent in the Asia Pacific bought their first crypto in 2021. The United States also posted massive growth in crypto ownership last year with 44 percent of current owners having bought their first digital currency in 2021.
In terms of crypto adoption, Brazil and Indonesia lead the pack with 41 percent of survey respondents in each country reported owning crypto, according to Cointelegraph. Completing the top five countries in crypto adoption are UAE with a 35 percent adoption rate, Singapore with 30 percent, and Israel at 28 percent.
The report also noted that inflation is a primary driver for crypto adoption as many see crypto such as Bitcoin (BTC) as a hedge against inflation. “Respondents in countries that have experienced 50% or more devaluation of their currency against the USD over the last 10 years were more than 5 times as likely to say they plan to purchase crypto in the coming year,” Gemini wrote, citing data from high inflation countries such as South Africa, Mexico, India, and Brazil.
For instance, 32 percent of the respondents in South Africa said that they plan to buy crypto in the coming year, while 32 of Mexican respondents, 40 percent of respondents from India, and 45 percent of survey participants from Brazil said the same thing.
“In Brazil, where the local currency has been devalued by more than 200% against the USD, 41% of respondents own crypto,” Gemini added. “In the U.S., two in five (40%) crypto owners see crypto as a hedge against inflation.”
“Crypto adoption reached a true tipping point last year, becoming an established economic driver and a valued investment across the globe,” Gemini COO Noah Perlman said. “We expect to see the influx of crypto investors continue into this year with concerns about inflation in the U.S. and globally driving interest.”
However, regulatory uncertainty and lack of education are two of the biggest challenges to the mass adoption of crypto. Among those who do not own crypto, 39 percent of the respondents from the Asia Pacific, 37 percent in Latin America, and 36 percent in Europe cited the legal uncertainties surrounding crypto as one of the reasons for not investing in the asset class.
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