Despite the recent recovery in the crypto market, cryptocurrency ownership has not increased significantly, according to a survey by the Federal Reserve Bank of Philadelphia's Consumer Finance Institute. Data from January 2022 to July 2024 shows that cryptocurrency ownership fell during the 2022 bear market, from 24.6% to 19.1%, and although the market recovered thereafter, by October 2023 this proportion was only 17.1% and continues to decline. While interest in buying cryptocurrencies has increased in the future, actual ownership has not grown in tandem.

Key points

- A survey from the Federal Reserve Bank of Philadelphia shows that cryptocurrency ownership is not growing as the market recovers.

- During the 2022 bear market, cryptocurrency ownership dropped from 24.6% to 19.1%.

- Despite the market recovery, the ownership rate in October 2023 was only 17.1%, falling further to 15.4% in January 2024.

- During Bitcoin’s price peak and halving event, ownership did not rise significantly, falling as low as 14.7%.

- The survey mentioned that interest in purchasing cryptocurrencies in the future has increased, from 10.6% in 2022 to 21.8%.

- The Philadelphia Fed's findings are based on two online surveys of 5,000 people.

- Despite the market gaining nearly 150% in 2023, the number of real owners of cryptocurrencies has not changed significantly.