JPMorgan research: 13% of Americans now hold crypto
The JPMorgan report was based on a study that examined cash transfers from banks to crypto account accounts for more than 5 million customers. News Own this piece in crypto history. Collect this article as NFTA. A new JPMorgan Chase report has revealed that 13% of Americans have used cryptocurrency at one time or another. The latest data comes from JPMorgan’s analysis of checking account transfers from over 5 million customers. The study found that 600,000.00 customers transferred cash to crypto accounts during the period 2020-2022. The amount of cash that was transferred to crypto exchange accounts during this period is often far greater than the cash being taken out. According to JPMorgan, this meant that most people held onto their crypto during the period. In recent months, cash transfers to crypto exchanges have been slightly less than cash transfers out. JPMorgan claims that this is due to both the decline in crypto prices and the general trend of the savings rate in the United States declining since the pandemic. “We consider the rise and fall in crypto use since the onset COVID consistent with the relationship between retail flows, market prices, and research in the past. The trend in crypto flows also tracks the dynamics of household savings. This spiked to historical highs during the pandemic, but has started to reverse. It was found that all ages have a greater tendency to buy crypto than women and that younger people tend to buy more than older people. The report showed that more than 25% of millennial men had bought crypto, while only 12% of millennial women have and 5% of male boomers have. A breakdown of crypto ownership by age group. Source: JP Morgan Chase. The research also showed that crypto holdings were very small for most people, with median flows equaling less than one week of take-home pay. Source: JP Morgan Chase. The crypto market experienced a dramatic decline in 2022. Bitcoin (BTC), which was at its highest in 2022 at $47,459 in March, has fallen to $17,208 at time of writing. Ether (ETH), on the other hand, has fallen from $3.521 in April, to $1,273, while TerraUSD (UST), stablecoin, lost its peg in May, and crypto exchange FTX went bankrupt in November. Many crypto exchanges have seen their trading fees drop. Coinbase even stated that its revenue had fallen by almost 50%.