More Investors Enter Crypto But Keep Multiple Financial Service Providers

Crypto ownership is on the rise, but investors are not abandoning traditional financial services as a result of their intensifying interest in cryptoassets. On the contrary, crypto investors are more likely to use multiple financial services providers than the general population is, suggests a recent report by global business intelligence firm Morning Consult.

The report, focused on consumer banking and payments, and based on survey interviews of more than 50,000 adults across the Americas, Europe, and the Asia-Pacific region, indicates crypto’s ascension to mainstream status. 

It also advises readers to brace themselves for a crypto boom in 2022.

Some 24% of consumers in the company’s global survey reported household ownership of crypto, an increase of 2 percentage points from last July.

“Latin American countries still have among the highest rates of cryptocurrency ownership, but European nations Germany, Spain and the UK have grown significantly in the past six months,” Morning Consult said.

Crypto ownership reported a surge in July 2021, most likely due to the bitcoin (BTC)’s price drop and surrounding media coverage, according to the report.

Millennial men and Gen Z adults are still the most common newcomers, suggests the report, stating:

“[D]emographically, the new crypto owners looked very similar to those who already owned crypto: They were mostly high-earning, millennial men,” the study says. “Gen Z adults have also shown strong growth in cryptocurrency ownership and will continue to be instrumental to the success of cryptocurrency more broadly.”

In contrast, baby boomers remain predominantly disinterested in cryptoassets, with crypto ownership ranging between 6% and 8%, as indicated by data from the survey.

Meanwhile, among the group of 2,200 US adults polled between December 23 and 25, 2021, crypto owners were significantly more likely to be customers with two banks, at 34%, than all US adults, at 22%. 

They were also more likely to be customers of three or more banks, at 13%, compared with the general population, at 8%, according to the study.

The report shows a similar situation in the field of credit cards companies. Some 30% of polled crypto owners say they are customers of two such companies, while 22% of all US adults provided the same answer. 

A further 33% of crypto investors are clients with three or more such companies, while among the general population this concerns only 19% of respondents.

Using the services of two credit unions is significantly more popular among crypto users, at 17%, than among the general population, at 8%. 

With respect to digital banks, 25% of crypto owners use the services of two such institutions, compared with 11% of American adults in general. 

7% of crypto owners are customers with three or more digital banks, while among the general population, only 3% of respondents gave the same answer, as shown by data from the report.

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Learn more:
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– 16% of Surveyed Americans are Crypto Investors, Traders, Users – Think Tank