According to cryptocurrency exchange Gemini, over 50 percent of all crypto owners in the US, Latin America and Asia Pacific acquired the digital assets for the first time in 2021. There was an explosion in the use of cryptocurrency due to inflation in nations that had their currencies devalue.
Gemini revealed that 41 percent of crypto owners in Brazil and Indonesia reported digital assets. It can compare to 20 percent in the US and 18 percent in the UK as the world’s most used cryptocurrencies.
People reported possessing cryptocurrency last year stated that they purchased the digital assets for their long-term financial potential. More than five times as many people who don’t already own cryptocurrency.
However, they do reside in countries where the US dollar’s value has fallen. They are planning to do so as a means of protecting themselves against inflation. Fewer than 16% of Americans and 15% of Europeans believe that cryptocurrencies protect against inflation.
Furthermore, as of 2021, just 17% of Europeans reported owning digital assets. Whereas, only 7% of those who don’t already hold crypto stated they want to do so in the future. This year’s adoption rate may not be as strong as last year’s.