JP Morgan reports shows 13% of Americans are into crypto

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  • JP Morgan has released a new report showing that more than 13% of the US population has transferred funds to crypto accounts.
  • The research sampled 5 million customers with checking accounts, of whom 600,000 had transferred money to a crypto account.
  • According to the report, most new investors first fund a crypto account during the boom in bitcoin prices.

Nearly 44 million Americans have ever transferred money to a crypto-related account, according to details shared in a new JP Morgan report.

one in report good title ‘US household crypto-asset usage dynamics and demographics‘, released on December 13, the financial giant estimates that around 13% of the population has sent money to a crypto account. According to data from the bank, participation in crypto by the general population during the COVID-19 pandemic increased as well as personal savings of individuals found their way into cryptocurrency investments.

The report covered some 5 million active checking account users, of whom more than 600,000 were shown to be transferring funds to crypto accounts.

Transfers to crypto accounts tripled between 2020 and 2022

Cryptocurrency adoption across the United States has been steady with other statistics suggesting similar adoption rates included in this latest report.

While JP Morgan says only a small fraction of the US population was into cryptocurrencies five years ago, its researchers found that the past three years have seen a huge jump in adoption. From the sample cited, the banking giant estimates crypto users in the US to grow from less than 3% of the pre-pandemic population to nearly 15% by mid-2022.

Research data shows a 300% spike in those funding crypto accounts from their checking accounts. Cumulatively, only 3% of the population had transferred funds to an account related to a digital asset before the pandemic.

That figure has more than tripled in the past three years, with more than 43 million Americans, or 13% of the population, funding crypto accounts, in keeping with the trend.

New investors pour in as bitcoin price rises

Another observation from the research that is funding crypto accounts is that transfers have largely come at a time when the price of bitcoin is rising. JP Morgan said the trend dates back to 2015 for large volumes during bull markets or bullish rallies.

For most new users, deposits are a few days old and coincide with the price of bitcoin, with monthly changes of +25%. It is at this time that many people are watching trade bitcoin and other cryptocurrencies.

It can also be seen that most investors only make small transfers to their crypto accounts – less than a month’s salary. In fact, the average transfer for most investors is $620. However, about 15% of individuals transfer more than one month’s income. The share is even higher among individuals with higher incomes.

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