Are the Bank Failures Driving Crypto?

The recent failures of three US banks, Signature Bank, Silicon Valley Bank, and more recently, First Republic Bank may have been a factor in an uptick in cryptocurrency ownership. 

A new study shows that ownership of digital assets has increased by four percentage points since April 2022, with 22% of US adults now owning some form of cryptocurrency.

The Morning Consult Cryptocurrency Insights Hub found that amid industry instability following the implosions in the crypto space beginning in 2022, turmoil in the traditional banking industry may have spurred interest and support for decentralized finance. 

Bitcoin still held the biggest piece of the pie with 16% of the respondents saying they own the coin, with Ethereum trailing at 12%. The study also found that a vast majority of bitcoin holders in the US are male millennials at 27% and 28% of US adults respectively. 

Via Morning Consult

Recent volatility in cryptocurrency prices may be pushing trading activity. Almost half, or 46% of bitcoin investors sought to cash in on the mid-March price jump, ethereum sales more than doubled at 33% last month compared to 16% the year before, while binance coin sales more than tripled from 10% to 34%. 

Notably, the desire for more regulation has dramatically increased, jumping 10 percentage points to 29% in April 2023 compared to the year before, indicating that many investors are still wary of the risks involved in this emerging industry.

But it doesn’t look like the lack of regulation will stop the uptick in ownership, at least for now. According to the study, 26% of American adults are looking to buy crypto in the next month.

Via Morning Consult

Information for this story was found via Morning Consult, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Republican States Sue SEC Over Crypto Enforcement Powers

18 Republican state attorneys general filed suit Thursday against the Securities and Exchange Commission, challenging...

Friday, November 15, 2024, 07:28:51 AM

Mt. Gox to Begin Repaying Creditors in July, A Decade After Collapse

Mt. Gox, the once-prominent cryptocurrency exchange that collapsed in 2014, is set to begin repaying...

Monday, June 24, 2024, 03:15:00 PM

No ID, No Trading: EU Now Requires Identification For All Crypto Transactions

The Council of the European Union has given final approval to the Markets in Crypto...

Wednesday, May 17, 2023, 11:31:00 AM

SEC Goes After Kraken, Sues Crypto Exchange for Failing to Register

San Francisco-based cryptocurrency exchange, Kraken, is facing legal action from the US Securities and Exchange...

Tuesday, November 21, 2023, 07:50:00 AM

Binance Officially Withdraws Its Services Out Of Canada

Binance, the cryptocurrency exchange that has been at the heart of numerous controversies including the...

Saturday, May 13, 2023, 07:14:00 AM