HBUS report finds crypto awareness doubling since 2018

Quick Take

  • Awareness of cryptocurrencies has doubled since 2018
  • Despite this, a recent HBUS survey found crypto adoption is not keeping pace with awareness
  • Lack of education cited among top reasons holding up more widespread adoption, respondents said

The number of cryptocurrency owners has more doubled since 2018, but adoption is not keeping pace with awareness, according to a report from HBUS, a unit of the Huobi exchange.

The report tracked sentiments surrounding cryptocurrency usage among 1,067 U.S. participants this past March and April. It concluded both awareness and use are on the rise, mostly thanks to crypto’s privacy benefits, cited by owners and non-owners as the most appealing aspect of crypto. However, crypto owners feel the biggest barrier to adoption is a lack of education about the space, according to those surveyed.

HBUS reported crypto ownership jumped from eight percent to 20 percent since 2018, with 74 percent reporting general awareness of cryptocurrencies. Those who use crypto reported buying and trading, as well as sending and receiving digital assets as a payment method as their top uses. Slightly fewer respondents cited long-term investment as their reason for crypto ownership.

Men reported higher overall rates of ownership and awareness compared to women, and tended to use digital assets as a long-term investment tool more often. Among women surveyed payments was the most frequently cited use case for crypto.

In terms of age, the survey found an owner is most likely to be between ages 18 and 44, with the 18-29 and 30-44 age brackets reporting the highest rates of ownership, with more than 25 percent in each category reporting crypto ownership.

Most owners surveyed made an annual income of between $100,000 and $200,000+. Those who reported making over $200,000 also showed the highest awareness of cryptocurrencies. But regardless of income, the report showed perceived privacy, security, efficiency and potential as the top reasons people are buying in.

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