Bank of America believes 1/3 of the U.S. will use cryptocurrency by next year

A report of 140 pages released by the Bank of America covers the digital asset industry including institutional investments, NFTs and rates of growth. As per the report, the industry is still ‘young’ and has huge possibilities for future development.

As per the study, 14% of the population in the U.S. owns crypto as of now. The percentage implies 21 million people who use crypto as payment tools, financial holdings and more.

As per the report, a Caucasian male is the average cryptocurrency holder, 38 years old and earns around $111,000 yearly.

The oldest and youngest age groups represented are 55-65 and 18-24. Although the crypto industry is regarded as ‘modern’, the youngest representatives of the industry are the minority.

Coinbase provided the data that represented a portion of institutional users on the platform has surged by 67%. On the other hand, the count of retail investors increased only 34%. While showcasing only 1% of Coinbase’s population, institutions own 50% of platform assets and make for 64% of the volume.

While a year ago, institutional volume was at only $9 billion but in Q4 2020, institutional users traded $57 billion.

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