Earnity is a community-based platform for buying and selling crypto. Led by CEO Dan Schatt, the San Mateo, California-based Earnity is working on a highly-secure, easy-to-use app for buying, selling, and holding crypto and decentralized finance (DeFi) assets that will serve new users and long-time crypto collectors. In this article, Dan Schatt discusses who usually buys cryptocurrency.
Cryptocurrencies have become a popular financial option in recent years, with more and more people buying into digital assets.
Who are these buyers?
A new report from Clover has looked at the profile of cryptocurrency buyers and found that they are mostly young, male, and well-educated. The study found that 42 percent of cryptocurrency buyers are aged between 18 and 34 and the majority (59 percent) are male.
Notably, the report found that crypto buyers are more educated than the general population, with 39 percent holding a bachelor’s degree or higher. When it comes to income, the study found that crypto buyers are mostly middle-class, with 61 percent earning between $30,000 and $100,000 per year.
What motivates these buyers to choose cryptocurrencies?
The study found that the most appealing and popular reason for buying crypto is for them to have assets to use in the future (39 percent), followed by other reasons (15 percent).
Other motivations include wanting to use cryptocurrency as a payment method (9 percent), being a fan of the technology (8 percent), and wanting to support the development of the ecosystem (6 percent).
The study found that 8 percent of buyers said they purchased cryptocurrencies because they were “told to by a friend or family member.”
This data shows that the typical cryptocurrency buyer is young, male, and relatively well-off. They are also mostly buying into the asset class for purposes heavily related to their future finances rather than to use as a currency.
This is in line with other studies that have found that most cryptocurrency buyers are simply buyers with financial concerns rather than users, Earnity’s Dan Schatt adds.
As the market continues to develop, it will be intriguing to see if this profile changes. But, for now, it seems that the typical cryptocurrency buyer is still very much part of the early adopter group.