Ok, so maybe you are a traditionalist or Luddite and have never used Uber or AirBnB, but you are aware of their existence, right?
In a similar fashion, over two-thirds of people have not yet used Coinbase or a crypto platform, but around 99% of people are aware of their existence. Eventually, the laggards will catch up and mass adoption will occur. The question is, will you be among the first to buy, will you be in the middle of the bell-curve, or will you be last to the party?
A recent report by MorningConsult.com shows several charts, showing the demographics of crypto customers compared to other banking or financial services. Interestingly, for the first time in history, the number of people who own crypto in the USA is higher than the number of people who have a bank deposit account. That fact should make you pay attention.
Whilst the older Baby Boomer generation is slow to adapt, with only 6-8% of Boomers owning crypto, around one in three Millennials either already own, or plan to buy, some crypto this year.
There is a slant to the figures, even among the early adopters. Millennials who make over $100 000 per year are more than three times as likely to own crypto as the average American citizen.
Headlines say that only one in five Americans own crypto, but the figure is closer to two out of three for wealthy Millennials.
If the above charts are giving you "FOMO" then act wisely, not quickly. Youtube, TikTok, Twitter and other social media platforms can give a huge audience to someone with snazzy graphics or a low-cut top, but you must look deeper into the project before investing.
Scams abound: Invest five minutes looking into the crypto project before you invest a dollar that you may not get back.A simple 4-point checklist can save you from 92.5% of crypto scams and rug-pulls. The tool has been used by billion-dollar hedge fund managers in several countries, as many diversified crypto mutual funds have cropped up in the last few years. You can either trust the professional fund manager or you can use the tool yourself.
Few people wanted to be the first to try out Uber, AirBnb or that new exotic cuisine, as being first can seem risky. Very few people want to be last, as that is no fun. With as many crypto accounts as bank accounts in the USA, we are rapidly approaching the middle of the bell curve.
Even if you have been a crypto laggard, even if you didn't stay in a stranger's house, get into a stranger's car or jump onto the internet until 2019, it may be time for you to look a little closer at the financial advantages of this new crypto technology. Just remember to do a little homework first, and stay safe.