According to a study by Bank of America, the crypto world will grow tremendously over the next three decades and become widespread enough to be used by very large audiences. Here are some notes from the research.
Bank of America has released a 140-page report covering the digital asset industry, including NFTs, institutional investments and growth rates. According to the report, the industry is still in the “early stage” and has great potential for future growth.
According to the research, in the very near future (predicted as 2022), 27% of the US population will start using cryptocurrencies! According to the same research, 14% of the US population today owns cryptocurrencies (about 21 million people). The holders of these cryptocurrencies are on average 38 years old, male, of white skin color (a situation in the original of the report was defined as caucasian male, no further additions have been made by us) and have an average annual salary of $111.0000.
The youngest people who own cryptocurrencies are between 18-24 years old, and the oldest people who own cryptocurrencies are between 55-65 years old. According to the research, “modern” cryptocurrencies are not an asset class preferred only by young people, contrary to popular belief.
According to data provided by Coinbase, the percentage of institutional users on the platform increased by 67%, while the number of retail investors increased by only 34%.
In Q4 2020, corporate users traded $57 billion, compared to just $9 billion a year ago.
The bank’s document also covers various market and on-chain data such as the number of large transactions, the sentiment of their holders, and Ethereum’s development rates. Experts also made a statement noting that the illegal use of Bitcoin has dropped significantly. Compared to 2012, Bitcoin transactions linked to illegal sources fell from almost 40% to 0-1%.