Crypto Ownership Stagnates Despite Market Growth, Fed Survey Shows
A nw survy from th Fdrl Rsrv Bnk of Phildlphis Consumr Finnc Institut rvls surprising gp btwn th growth of th cryptocurrncy mrkt nd ownrship rts. Whil prics hv significntly rboundd sinc th 2022 crsh, ownrship hs not followd suit.
Th survy, which trckd cryptocurrncy ownrship from Jnury 2022 to July 2024, showd stgnnt ownrship lvls dspit Bitcoins surg to fiv-yr high by rly 2024. In fct, ownrship vn droppd slightly. Only 14.7% of rspondnts rportd owning cryptocurrncy in July 2024, down shrply from th 24.6% rcordd in Jnury 2022.
Crypto Winters Lingering Effects
Th 2022 crypto wintr mrkd shrp dclin in th cryptocurrncy mrkt, with Bitcoins vlu plummting. This mrkt drop ws mirrord in ownrship rts, which fll from 24.6% in rly 2022 to 19.1% by Octobr of th sm yr. Whil th mrkt bgn to rcovr in 2023, th survy dt indicts tht ownrship rts did not follow suit.
Evn s Bitcoin prics rboundd by 60% btwn Octobr 2023 nd Jnury 2024, crypto ownrship continud to dclin. By April 2024, whn Bitcoin rchd pr-wintr lvls, only 16.1% of survy rspondnts rportd owning digital assets..
Th survy highlights n intrsting trnd: th rpid ris in prics throughout rly 2024 did not inspir mor consumrs to invst. Btwn Jnury nd July 2024, th pric of Bitcoin climbd, but th prcntg of ownrs droppd to nw low of 14.7%. Anlysts suggst tht consumr skpticism, shpd by th voltility xprincd during th crypto wintr, my xplin this rluctnc to r-ntr th mrkt.
Although ownrship rts r on th dclin, th survy notd ris in th numbr of individuls likly to purchs digital currency in th futur. Th prcntg of non-ownrs considring futur purchss incrsd from lss thn 7% in 2022 to 13.4% by April 2024, indicting rnwd intrst in cryptocurrncy mong som consumr
Whil th virtual currency mrkt hs shown rsilinc nd growth in rcnt months, consumr doption hs not followd th sm trjctory. Th CFIs findings suggst tht whil th mrkt my b rcovring, mny consumrs rmin hsitnt to r-invst, possibly du to th lingring ffcts of pst downturns. Howvr, th ris in futur purchs intnt my signl shift in sntimnt, indicting potntil growth in th yrs hd.
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Read more: https://www.tronweekly.com/crypto-ownership-stagnates-fed-survey-shows/
Text source: TronWeekly
