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22 Million: The Current State of Cryptocurrency Mass Adoption in the U.S.

22 Million: The Current State of Cryptocurrency Mass Adoption in the U.S. and Our Solution to Achieving It

We recently celebrated the 10th anniversary of the Bitcoin white paper and its vision to create an entirely new global financial system. While the progress achieved since the inception of Bitcoin has been substantial, there is still much work to be done. In particular, mass adoption has consistently eluded cryptocurrency regardless of its heavily touted improvements over current financial systems. The idea that the majority of the population will acquire and transact with cryptocurrencies is a dream many crypto enthusiasts (including myself) share and feverishly discuss at meet-ups, conferences, and online forums. Many are tackling this challenge through unique ways, but it seems that the various characterizations earned by cryptocurrency over the years, justifiably or not, have deterred its efforts to achieve legitimacy among the masses. If cryptocurrency is to ever succeed on a large scale, mass adoption is critical as through its acquisition and use, its very reason for existence is validated.

Over 22 million U.S. adults, or 9% of the adult population, own cryptocurrency. We discovered this through analyzing tracking data of actual transactions at cryptocurrency exchanges. Although a far cry from true mass adoption, it is nonetheless an encouraging sign that cryptocurrencies are stronger than ever ten years after the conception of Bitcoin. Even more encouraging, however, is the 52 million US adults interested in investing in Bitcoin. A population that would effectively more than triple current market penetration in the U.S., our first response to this report was excitement. Our second was a question, “what’s stopping them from acquiring Bitcoin?”

When we first launched Blockrize, we had a hypothesis as to which barriers were preventing interested consumers from acquiring cryptocurrency. However, to ensure we truly were building the right ...

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