Crypto Adoption Divide Deepens, Wealthy Users Lead the Way
A new study by Mercuryo and Protocol Theory reveals a growing chasm in cryptocurrency adoption, with wealthier individuals leading the way. The report highlights challenges in wallet usability and affordability, particularly for lower-income users.
The research, led by Jonathan Inglis of Protocol Theory, indicates that wealthier adults are nearly three times likelier to use self-custodial wallets. Petr Kozyakov, CEO of Mercuryo, confirms this disparity, noting that crypto adoption, while growing, is uneven. Over half of Americans earning over $100,000 own crypto, compared to just a quarter of those earning under $40,000.
The report also flags concerns about Bitcoin ATMs, which are more prevalent in low-income areas. These machines often charge high fees and are frequently used by lower-income communities for remittances and cash-to-crypto conversions. However, specific data on the distribution of Bitcoin ATMs across socioeconomic demographics is not detailed.
Wallets themselves face deep barriers, with only 13% of Americans finding them easy to use and just 12% feeling they fit naturally into their money management. New users struggle with complex transaction processes and a clunky user experience (UX).
The report suggests that crypto risks exacerbating inequality, with wealthier users enjoying easier access and lower costs. To accelerate adoption, the industry must focus on making wallets simple, safe, and affordable for everyday use. Addressing these issues could help bridge the widening gap in crypto adoption.
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