Crypto Divide: Wealthy Lead Adoption as Lower-Income Users Face Barriers
A new report by Mercuryo and Protocol Theory reveals a growing divide in crypto adoption, with wealthier individuals leading the way. The study, 'Beyond Early Adopters: What It Takes for Crypto to Matter in Everyday Life', highlights the challenges faced by lower-income communities in accessing and using crypto.
The report shows that wealthier adults are nearly three times more likely to use self-custodial crypto wallets, which allow users to control their own crypto assets. However, only 13% of Americans find crypto wallets easy to use, indicating deep behavioral and experiential barriers. Jonathan Inglis, CEO of Protocol Theory, notes that crypto adoption will accelerate when wallets become simple, safe, and affordable for everyday use.
Bitcoin ATMs, which allow users to buy and sell crypto for cash, are concentrated in low-income areas. Over 80% of the world's Bitcoin ATMs are found in the U.S., with operators targeting underserved communities. However, these ATMs can charge high fees, potentially entrenching inequality. Petr Kozyakov, Co-founder and CEO of Mercuryo, acknowledges that complex and costly tools are hindering crypto adoption among lower-income communities.
The report suggests that crypto risks exacerbating inequality unless accessibility and usability improve. While over half of Americans earning over $100,000 own crypto, just one in four earning under $40,000 do. To bridge this gap, the crypto industry must focus on creating simple, safe, and affordable tools for all users, regardless of income.
Read also:
- Revised Bonus Écologique Boosts French EV Market Share to 63.97%
- Ford Discontinues Popular Top-Seller in Staggering Shift, Labeled as a "Model T Event"
- 2025 Witnesses a 27% Surge in Worldwide Electric Vehicle Sales, Despite Opposition to Electrification Policies in the U.S.
- Summarized Report: Insights from the Realm of Transportation
